Page:Arbitration Ordinance (Cap. 609).pdf/59

ARBITRATION ORDINANCE '''80. Interest on money or costs awarded or ordered in arbitral proceedings'''

(1) Interest is payable on money awarded by an arbitral tribunal from the date of the award at the judgment rate, except when the award otherwise provides.

(2) Interest is payable on costs awarded or ordered by an arbitral tribunal from—
 * (a) the date of the award or order on costs; or
 * (b) the date on which costs ordered are directed to be paid forthwith,

at the judgment rate, except when the award or order on costs otherwise provides.

(3) In this section, “judgment rate” (判定利率) means the rate of interest determined by the Chief Justice under section 49(1)(b) (Interest on judgments) of the High Court Ordinance (Cap. 4). PART 9 81. Article 34 of UNCITRAL Model Law (Application for setting aside as exclusive recourse against arbitral award)

(1) Article 34 of the UNCITRAL Model Law, the text of which is set out below, has effect subject to section 13(5)— “Article 34. Application for setting aside as exclusive recourse against arbitral award
 * (1) Recourse to a court against an arbitral award may be made only by an application for setting aside in accordance with paragraphs (2) and (3) of this article.
 * (2) An arbitral award may be set aside by the court specified in article 6 only if:
 * (a) the party making the application furnishes proof that:
 * (i) a party to the arbitration agreement referred to in article 7 was under some incapacity; or the said agreement is not valid under the law to which the parties have subjected it or, failing any indication thereon, under the law of this State; or