Awards and Interest on Awards (opens in a new tab)

Abstract

Abstract This chapter examines Sections 18, 19, 19A, 19B, 19C, and 20 of the IAA, as well as Article 30 of the Model Law. Section 18 of the IAA and Article 30 of the Model Law provide a mechanism through which parties may record their settlement of their dispute in the form of a consent award. Section 19 of the IAA provides for the enforcement of awards rendered in an international arbitration seated in Singapore. Sections 19A and 19B of the IAA together provide that, once issued, an award — whether an interim, partial, or final award — is final and conclusive as to the merits of the issue or claim determined under that award. The chapter discusses the provision in Section 19A that clarifies that a tribunal may make more than one award at different points in time, each of which is final and binding; and the provisions in Section 19B which address the consequences of classifying a decision of an arbitral tribunal as an “award”. Section 19C of the IAA empowers the Minister for Law to appoint any person holding office in an arbitral institution or other organisation to authenticate any award or arbitration agreement or to certify copies thereof for the purposes of the enforcement of an award in a country which is a Contracting State to the New York Convention. Finally, the chapter concludes with a discussion of an arbitral tribunal’s power to award interest under Section 20 of the IAA.

Keywords

• #legal principles and applications
• #european and international contract law
• #law, economics, and judicial systems
• #law and economics
• #economics