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Report No. 76

4.29. Recommendation to insert new section.-

So much as regards the present law. It appears to us that in the cases (b) and (c) mentioned above,1 the arbitrators should, ipso facto, have a power to award interest unless the agreement provides to the contrary, and there .should be a specific provision on the subject. In the case (a) mentioned above2, they should have this power it the terms of the reference so warrant. As to the rate of interest, we would introduce certain guidelines, which will be apparent from the draft that we give below.3

1. Para. 4.28.

2. Para. 4.28, supra.

3. Para. 4.30, infra.

Arbitration Act, 1940 Back

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