A/19 Iran v US 16 Iran-US CTR Reports 285

(289-290p) Claims for interest are part of the compensations sought and do not constitute a separate cause of action requiring their own independent jurisdictional grant. This tribunal is required by article V of the Claims Settlement Declaration to decide claims ‘on the basis of respect for law’ In doing so, it has regularly treated interest, where sought, as forming an integral part of the ‘claim’ which it has a duty to decide. The tribunal notes that the Chambers have been consistent in awarding interest as ‘compensation for damages suffered due to delay in payment’ … Indeed, it is customary for arbitral tribunals to award interest as part of an award for damages, notwithstanding the absence of any express reference to interest in the compromis. Given that the power to award interest is inherent in the Tribunal’s authority to decide claims, the exclusion of such power could only be established by an express provision in the Claims Settlement Declaration. No such provision exists. Consequently, the Tribunal concludes that it is clearly within its power to award interest as compensation for damage suffered