(1) An arbitrator shall decide the dispute

(a) in accordance with the law chosen by the parties as applicable to the substance of the dispute, or

(b) in accordance with such other considerations as are agreed by the parties or determined by the arbitrator.

(2) For this purpose the choice of the law of a country shall be understood to refer to the substantive laws of that country and not conflict of laws rules.

(3) Where or to the extent that no law has been chosen or agreed on, the arbitrator shall apply the law determined by the conflict of laws rules which the arbitrator considers applicable.

(4) In disputes relating to contract, the arbitrator shall apply the terms of the contract taking into consideration the usages of the trade to which the contract relates.

(5) Where there are three or more arbitrators any award or decision of the tribunal shall be made by majority of the arbitrators.

(6) A monetary award shall be in the currency of the contract unless the arbitrator considers another currency more appropriate.

(7) The arbitrator may grant the appropriate pre-award or post-award relief at simple or compound interest under the terms of the contract and the applicable law.

(8) Subsection (6) does not apply to damages awarded to compensate for conduct of bad faith or for time wasting.