South Africa Case Law

Certain Underwriters at Lloyds v South African Special Risks Association (A5008/2000)

Certain Underwriters at Lloyds v South African Special Risks Association (A5008/2000) [2000] ZAGPHC 2; 2001 (1) SA 744 (W) (23 August 2000)

Court

High Courts - Gauteng

Case number

A5008/2000

Judges

M B Labe, N P Willis, P J Schabort

The majority held that the obligation to pay interest on the sum awarded in arbitration was suspended, not extinguished, by the agreement to an appeal procedure. Interest would only accrue from the date the appellate tribunal made its award, as the debt was not enforceable until final determination. The parties did not expressly agree to alter this position. The court found that the principles applicable to the suspension of judgment debts pending appeal in court proceedings apply equally to arbitration awards subject to appeal. Accordingly, Lloyds was not liable for mora interest from the da…

Source excerpt

• Arbitration Award Interest
• Mora Interest
• Appeal Suspension
• Contractual Liability