Limits to payment of compound interest

Article Abstract:

Compound interest can be recovered for late payment by the engineer as detailed under Clause 60(6) of the Institute of Chartered Engineers Conditions. However engineers should take care over the formulation of claims for decision because of restrictions on the right for arbitration. In 'The Secretary of State for Transport versus Birse-Farr Joint Venture' the judge decided that compound interest was irrecoverable because the claim had not been included in reference to the engineer in the contract.

Contracts, Engineering, Interest rates

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Arbitrators told to explain themselves

Article Abstract:

Standard arbitration agreements can be quite complicated. Arbitrators have the right to 'open up, review and revise' arbitration clauses. These powers are not given to the courts. Unless there is a clear agreement an arbitrator must use the evidence presented to come to a conclusion. Arbitrators are usually experts and must not rely on their expert knowledge without allowing the parties to present their information.

Evaluation, Powers and duties, Arbitrators, Commercial arbitration agreements

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