Bill > H1230

This bill proposes changes to Massachusetts General Laws Chapter 251, which deals with arbitration, specifically regarding the payment of interest on arbitration awards. The key provisions state that unless the arbitration agreement specifies otherwise, any arbitration award that is not paid within twenty days of its delivery will start accruing interest from the date of the award at the rate set by General Laws c. 231, §6H. However, if a party can prove they offered the full award amount within twenty days of receiving it, no interest will be charged. Furthermore, unconditionally accepting the full amount of an award is considered proof that any claim for interest has been settled. The bill also allows a court, upon a party's request, to order someone who hasn't paid an award within twenty days to also pay the accrued interest, though the court has the discretion to deny this, adjust the interest rate, or change when interest begins to accrue if the arbitration agreement or legal principles suggest it.