SCHEDULE 1Scottish Arbitration Rules

Part 6Awards

Rule 50 Interest M

50

(1)

The tribunal's award may order that interest is to be paid on—

(a)

the whole or part of any amount which the award orders to be paid (or which is payable in consequence of a declaratory award), in respect of any period up to the date of the award,

(b)

the whole or part of any amount which is—

(i)

claimed in the arbitration and outstanding when the arbitration began, but

(ii)

paid before the tribunal made its award,

in respect of any period up to the date of payment,

(c)

the outstanding amount of any amounts awarded (including any award of arbitration expenses or pre-award interest under paragraph (a) or (b)) in respect of any period from the date of the award up to the date of payment.

(2)

An award ordering payment of interest may, in particular, specify—

(a)

the interest rate,

(b)

the period for which interest is payable (including any rests which the tribunal considers appropriate).

(3)

An award may make different interest provision in respect of different amounts.

(4)

Interest is to be calculated—

(a)

in the manner agreed by the parties, or

(b)

failing such agreement, in such manner as the tribunal determines.

(5)

This rule does not affect any other power of the tribunal to award interest.