Interest on amounts due / Korean Commercial Code / Applicable commercial rate / Compound interest, no / Rate of interest / Starting point.

'We see no reason why the moneys, we have found are due by Defendant, should not be paid or received together with interest from the date when they should have been paid until the date of payment. By paragraph ... of the Terms of Reference we were empowered to award interest. The only reference Claimant has made to interest in its written material presented to us is to a rate of 6%. The rate of 6% annum is under the Korean Commercial Code the applicable interest rate to commercial acts. Such rate also applies to delayed payments of damages arising out of commercial transactions. We therefore order that in respect of every sum of money which has to be paid under this award the sum shall carry interest at 6% per annum non-compounded from the date of the breach until the date of payment. We have not calculated the amount of interest down to the very day but have taken a broad brush approach. We will specify the precise amount of interest to be paid on each sum we find to be due and will set it out in a summary hereafter. This of course only goes to the date of this award but we order that interest at 6% per annum do continue thereafter until payment.'