MISC
The court held that the arbitral award was procured in contravention of statutory provisions, including awarding unpleaded and unproven special damages, awarding damages for periods prior to breach, awarding simple instead of contractually agreed compound interest without explanation, and failing to dismiss time-barred claims. These constituted violations of public policy and serious irregularities affecting the award. The award was also found to be uncertain and ambiguous as to its effect. Accordingly, the award was remitted to the arbitral tribunal for reconsideration under section 75(3)(a)…
Source excerpt
- Setting aside arbitral awards
- Public policy in arbitration
- Damages (general and special)
- Interest on commercial contracts
- Limitation of actions
- Procedural fairness in arbitration