INTEREST AS DAMAGES IN PUBLIC CONTRACT ARBITRATIONS
In several arbitration matters in recent years the issue of interest as damages has been raised by petitioners/contractors. While there is no authority in California for this proposition the issue may be troublesome for the arbitrator. His sense of equity may be offered if the contractor has been denied the use of money when interest rates were high and the legal rate remained at seven (7) percent. However, California law does not permit this type of recovery. An award of prejudgment interest in an amount in excess of seven (7) percent is beyond the power of an arbitrator in a State Construction Contract Arbitration. (Author)
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Corporate Authors:
A4005: Committee on Contract Law
Washington, DC United States 20418 -
Authors:
- Grob, M A
- Philipp, J G
- Publication Date: 1984-7
Media Info
- Pagination: p. 1-4
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Serial:
- Public Construction Contracts Law Newsletter
- Volume: 7
- Publisher: Transportation Research Board
Subject/Index Terms
- TRT Terms: Arbitration; Contracts; Litigation; Loss and damage; State of the art studies
- Old TRIS Terms: Interest
- Subject Areas: Administration and Management; Highways; Law; Operations and Traffic Management; I73: Traffic Control;
Filing Info
- Accession Number: 00388760
- Record Type: Publication
- Files: TRIS, TRB
- Created Date: Oct 30 1984 12:00AM