- Applicable law — Insurance
A tribunal will ordinarily have to make determinations as to what award of costs it will make, and, where appropriate, what award of interest it should make. In some cases, a tribunal will not invite submissions on interest and costs until it has made a ruling on the substantive merits; in other cases, the tribunal will invite the parties to make submissions at the close of the hearing. The method adopted is a decision for the arbitrators to take, absent agreement between the parties. This chapter discusses legal and practical questions that frequently arise for the parties and the arbitrators in relation to questions of interest and costs in Bermuda Form case. It assumes that no provision has been made in the Bermuda Form policy or in any arbitration agreement to set out expressly the powers of the tribunal as regards an award of interest.
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