The Sri Lanka Act makes a fairly comprehensive provision as to interest to be awarded by the arbitrator. Its salient features are as follows (under section 28):
(a) In an award for the payment of money, interest can be awarded, whether it is a claim for liquidated or unliquidated amount (section 28).
(b) The rate is that agreed between the parties or (in the absence of agreement), it will be the "legal interest" (section 28).
The expression "legal interest" is defined in section 50, as meaning interest at the rate specified in an order made under section 192 of the code of Civil Procedure and for the time being in force.
(c) Interest is awarded on the principal sum awarded from the date of commencement of arbitration proceedings to the date of the award (section 28).
(d) As regards subsequent period, the Act provides that the arbitral tribunal may award further interest at the aforesaid rate on the aggregate sum so awarded, from the date of the award to the date of payment or such earlier date as the arbitral tribunal thinks fit (section 28).
