Gordon Sel-Way, Inc. v. Spence Bros.

In the private arbitration award which underlies this action, a panel of arbitrators in- eluded in their award an amount "in interest.” Subsequently, in the civil action instituted to confirm the award and reduce it to judgment, the trial court modified the arbitration award by deleting the interest portion and then confirming the award as modified. It also granted pre- and post-judgment interest under MCL 438.7; MSA 19.4 at the rate of five percent per annum from the date of the arbitration award until the date the judgment was satisfied. The Court of Appeals affirmed the decision of the…