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- Preliminary Material
- Main Text
- 1 Introduction
- 2 Background
- Preliminary Material
- 2.01
- A A Brief History of Interest
- B The Economics of Interest
- C Interest in International Arbitration
- D Applicable Law and Interest
- 2.176
- 1 Arbitrators and national courts
- 2 Conflict of laws
- 3 Mandatory rules of law
- 2.192
- 2.193
- 2.194
- 2.195
- 2.196
- 2.197
- (a) Mandatory rules at the place of arbitration
- (b) Mandatory rules of the applicable substantive law
- (c) Mandatory rules of third-party states
- 4 Moratory and compensatory interest
- E Interest under Shari’a Law
- 3 Interest Rate
- Preliminary Material
- 3.01
- 3.02
- 3.03
- A Traditional Approaches to Ascertaining the Rate
- 3.04
- 1 Applying the parties’ agreement
- 2 Granting interest as damages
- 3 Applying a national law or international convention
- 4 Choosing a reasonable rate
- 5 Applying the lex mercatoria
- 3.221
- (a) What is the lex mercatoria?
- (b) When the lex mercatoria applies
- (c) What the lex mercatoria provides as regards the rate of interest
- (d) How arbitrators have applied the lex mercatoria to the rate of interest
- B A Critique of Some of the Traditional Approaches
- C Possible Uniform Approach
- 3.286
- 3.287
- 3.288
- 3.289
- 1 Step 1: Applying the parties’ agreement
- 2 Step 2: Using a rate that reflects actual loss
- 3 Step 3: Granting interest in accordance with a commonly used commercial rate, augmented appropriately, for the relevant currency at the place of payment
- 3.358
- 3.359
- 3.360
- (a) What a default rate should seek to achieve
- (b) A commonly used commercial rate, augmented appropriately, for the relevant currency at the place of payment
- (c) Discretion granted by the parties’ agreement or the applicable law
- (d) Interest granted pursuant to the applicable law
- (e) Applying the lex mercatoria
- 3.445
- 3.446
- 3.447
- 3.448
- 3.449
- (i) The rule on interest is procedural rather than substantive and thus not binding on the arbitrators
- (ii) Trade practices should determine the point rather than the national law
- (iii) The national law rule is inappropriate to international situations, and thus should be disregarded
- D Limits to the Uniform Approach: Mandatory Rules of Law
- 4 Calculation Method
- Preliminary Material
- 4.01
- 4.02
- 4.03
- 4.04
- 4.05
- A Traditional Approaches to Ascertaining the Calculation Method
- 4.06
- 1 Applying the parties’ agreement
- 2 Granting interest as damages
- 3 Applying a national law or international convention
- 4 Using the arbitrators’ subjective choice of calculation method
- 5 Applying the lex mercatoria
- B A Critique of Some of the Traditional Approaches
- C Possible Uniform Approach
- 4.238
- 4.239
- 1 Step 1: Applying the parties’ agreement
- 2 Step 2: Granting the compounding that reflects actual loss
- 3 Step 3: Compounding interest, with the rests corresponding to the rate used or annual compounding
- 4.263
- 4.264
- 4.265
- 4.266
- (a) What the default calculation method should seek to achieve
- (b) Compound interest with rests corresponding to the rate used or annual compounding
- (c) Discretion granted by the parties’ agreement or the applicable law
- (d) Interest granted pursuant to the applicable law
- (e) Applying the lex mercatoria
- D Limits to the Uniform Approach: Mandatory Rules of Law
- 5 Period
- Preliminary Material
- 5.01
- 5.02
- 5.03
- A Traditional Approaches to Ascertaining the Period over which Interest will be Granted
- 5.04
- 1 Applying the parties’ agreement
- 2 Granting interest as damages
- 3 Applying a national law or international convention
- 4 Choosing the period the arbitrators consider reasonable
- 5 Applying transnational law or general principles
- B A Critique of Some of the Traditional Approaches
- C Possible Uniform Approach
- 5.199
- 5.200
- 1 Step 1: Applying the parties’ agreement
- 2 Step 2: Using the period that reflects actual loss
- 3 Step 3: Running interest from the date the payment should have been made, or the date of the loss, until the date of payment
- 5.242
- 5.243
- 5.244
- 5.245
- (a) What the default period should seek to achieve
- (b) Interest running from the date the payment should have been made or the date of the loss’s calculation, until the date of payment
- (c) Discretion granted by the parties’ agreement or the applicable law
- (d) Interest granted pursuant to the applicable law
- (e) Applying the lex mercatoria
- D Limits to the Uniform Approach: Mandatory Rules of Law
- 6 Conclusion
- Further Material
- [3.238.204.167]
- 3.238.204.167
