In re the Arbitration between East India Trading Co. & Halari

The questions presented on this appeal are (1) whether the successful party in an arbitration proceeding is entitled to interest on the award for the period from the date thereof to the entry of judgment and (2) whether a provision in the arbitration rules of a trade association, under which the arbitration is held, providing that whenever it shall he decided *421that a party has failed to fulfill the terms of a contract and is in default, the defaulting party shall pay a “ penalty,” as determined by the arbitrators, of not less than 2% and not more than 10% of the market value established as of…