Section 10

by substituting for subsection (6) the following subsection:

“(6)  Subject to subsection (8), unless otherwise agreed by the parties, the arbitral tribunal may, in the arbitral proceedings before it, award simple or compound interest from such date, at such rate and with such rest as the arbitral tribunal considers appropriate, for any period ending not later than the date of payment of the whole or any part of—

any sum which is awarded by the arbitral tribunal in the arbitral proceedings;

any sum which is in issue in the arbitral proceedings but is paid before the date of the award; or

costs awarded or ordered by the arbitral tribunal in the arbitral proceedings.”; and

by inserting after subsection (6) the following subsections:

“(7)  Nothing in subsection (6) shall affect any other power of an arbitral tribunal to award interest.

Where an award directs a sum to be paid, that sum shall, unless the award otherwise directs, carry interest as from the date of the award and at the same rate as a judgment debt.”.

New sections 41a and 41b