Interest interest on the sum awarded
Language: English Series: Arbitration Law Monthly ; 6(1) December 2005/January 2006, 5-7(3)Publication details: 2005Subject(s): Summary: Discusses the question of whether a successful party to an arbitration, who failed to claim interest on the sum awarded, could later apply to the arbitrator for an additional sum by way of interest. In "Pirtek (UK) Ltd v Deanswood Ltd" ([2005] EWHC 2301 (Comm), [2005] 2 Lloyd's Rep 729), it was held that the slip rule contained in the Arbitration Act 1996 s57 did not permit such an application, and that, in any event, in this case the applicant was out of time. A claim for interest must be made before the arbitrator makes his final award; in the absence of such claim, neither the arbitrator nor the court can revisit the matter.| Item type | Current library | Call number | Copy number | Status | Date due | Barcode | |
|---|---|---|---|---|---|---|---|
| Journal article | London Journal article | L131945 (Browse shelf(Opens below)) | 1 | Available | 131945-1001 |
Discusses the question of whether a successful party to an arbitration, who failed to claim interest on the sum awarded, could later apply to the arbitrator for an additional sum by way of interest. In "Pirtek (UK) Ltd v Deanswood Ltd" ([2005] EWHC 2301 (Comm), [2005] 2 Lloyd's Rep 729), it was held that the slip rule contained in the Arbitration Act 1996 s57 did not permit such an application, and that, in any event, in this case the applicant was out of time. A claim for interest must be made before the arbitrator makes his final award; in the absence of such claim, neither the arbitrator nor the court can revisit the matter.