The legal document primarily addresses the interpretation of interest awards within arbitral proceedings under the relevant arbitration legislation. The key points include:

1. Interest as Compensation: Interest is awarded to compensate a party for the wrongful denial of money that rightfully belongs to them under the governing agreement (!) (!) .

2. Inclusion of Interest in the Sum Awarded: When an arbitral award is for a sum of money, interest for the pre-award period can be included in the total sum awarded. This sum, which may comprise the principal amount and interest, is considered as a single, indivisible "sum" for the purpose of post-award interest calculation (!) (!) .

3. Distinction Between Principal and Interest: The terms "sum" and "interest" are distinct, with "sum" generally referring to the total monetary amount awarded, including principal and possibly interest, but not interest on interest unless explicitly awarded. Interest is understood as compensation for the use or delay of money belonging to another (!) (!) (!) .

4. Awarding Interest on the Entire Sum: When interest is awarded for the pre-award period, it becomes part of the "sum" for which the award is made, and thus, interest on that interest (compound interest) is generally not awarded unless explicitly provided for (!) (!) .

5. Post-Award Interest: The interest awarded from the date of the award to the date of payment is based on the sum directed to be paid by the award. This sum includes the principal and any interest included in the award but does not extend to interest on interest unless specifically directed (!) (!) .

6. Legislative Intent and Language: The language used in the relevant statutory provisions is clear and unambiguous, indicating that interest awarded under the legislation is meant to be simple interest on the principal sum or the total sum including pre-award interest, but not interest compounded or on interest unless explicitly stated (!) (!) .

7. Principle of Statutory Interpretation: The interpretation of the words "sum" and "interest" should be consistent throughout the provision, and their meanings should be derived from their common usage and the context within the statute. The words are presumed to have the same meaning wherever they appear unless the context indicates otherwise (!) (!) .

8. Inapplicability of Past Decisions: Decisions under previous legislation or different legal frameworks, such as those relating to older arbitration laws or civil procedure, are not directly applicable to the current statute. The current law explicitly clarifies the scope and limits of interest awards, including the prohibition of awarding interest on interest unless explicitly provided (!) (!) (!) .

9. Judicial Discretion and Reasonableness: The arbitral tribunal has discretion to determine the rate of interest and the period for which interest is awarded, but this discretion must be exercised reasonably and within the bounds of the law (!) (!) .

10. Purpose of Interest Provisions: The legislative scheme encourages the early payment of awarded sums and discourages delays, with different provisions addressing interest for the pre-award period and post-award period, emphasizing their separate treatment (!) (!) .

In conclusion, interest awarded in arbitration proceedings under the current legislation is generally to be simple interest on the principal or total sum awarded, excluding interest on interest unless specifically directed by the arbitral award. The language and intent of the statute favor a clear distinction between principal and interest, with the legislative framework designed to prevent the award of compound interest or interest on interest unless explicitly provided.