Section 46: Award of interest

(1) The parties may agree on the arbitral tribunal's powers to award interest.
(2) Unless otherwise agreed by the parties the following provisions shall apply -
(a) the arbitral tribunal may award simple or compound interest from such dates, at such rates and with such interests as it considers just on the whole or part of any amount
(i) awarded by the arbitral tribunal, in respect of any period up to the date of the award, or
(ii) claimed in the arbitration and outstanding at the commencement of the arbitral proceedings but paid before the award was made, in respect of any period up to the date of payment;
(b) the arbitral tribunal may award simple or compound interest from the date of the award (or a later date) until payment, at the rates and with such interests as it considers just in the case, on the outstanding amount of any award, including any award of interest under this subsection and any award as to costs; and
(c) references in this section to an amount awarded by the arbitral tribunal include an amount payable in consequence of a declaratory award by the arbitral tribunal.