Tuesday, December 18, 2007, 10:20 PM

COA Confirms That Arbitrators Have Power To Award Interest Unless Parties Provide Otherwise In Their Arbitration Agreement

Today in Faison & Gillespie v. Lorant the Court of Appeals (COA) reversed a trial court's determination that a AAA arbitrator exceeded his powers by awarding interest. The COA held that, unless the parties provide otherwise in their arbitration agreement, an arbitrator may award interest as an element of the remedy, even where the claimant doesn't specifically pray for interest in his arbitration demand. Chief Judge Martin wrote the decision.

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