NOW WE, the said Alan Oakley and Daniella Horton, having taken upon ourselves the burden of this arbitration, having carefully and conscientiously considered the submissions and the evidence provided to us, having given due weight thereto and finding ourselves in agreement for the reasons set out, DO HEREBY MAKE, ISSUE AND PUBLISH this our FINAL ARBITRATION AWARD as follows:
A. WE FIND AND HOLD that the Claimant is entitled to recover from the First Respondent the amount of USD 1,062,295.93.
B. WE THEREFORE AWARD AND DIRECT that the First Respondent shall forthwith pay to the Claimant that amount of USD 1,062,295.93 together with interest calculated at 5% (five percent) per annum and pro rata compounded at three monthly intervals from 1 May 2021 until the date of payment.
C. WE FURTHER AWARD AND DIRECT that the First Respondent shall bear its own costs of this arbitration and shall bear and pay the Claimant's reasonable recoverable costs of this arbitration, to be assessed by us if not agreed, for which purpose the Tribunal hereby reserves its jurisdiction, together with compound interest at the rate of 5% (five percent) per annum and pro rata, compounded at three monthly intervals from 14 days after the date such costs are agreed, alternatively from 14 days after the date such costs are assessed by us, until payment.
D. WE FURTHER AWARD AND DIRECT that the First Respondent shall bear and pay the Tribunal's costs of this Final Arbitration Award in the sum of f 13,550 provided that, if in the first instance the Claimant shall have paid such costs or any part of them, the Claimant shall be entitled to immediate reimbursement from the Respondent, together with interest thereon at the rate of 5% (five percent) per annum and pro rata, compounded at three monthly intervals from the date of payment of such costs by the Claimant until the date of reimbursement by the First Respondent.
OCR errors may be present.