(1) The parties are free to agree on the powers exercisable by the arbitral tribunal as regards to remedies.
(2) Subject to any contrary agreement by the parties, the tribunal shall have the power to grant any remedy permitted under the substantive law governing the claim for which the remedy is sought.
(3) Unless otherwise agreed by the parties, and subject to any contrary provision of any applicable law referred to in subsection (2), the tribunal’s powers to award remedies shall include (but shall not be limited to) the following:
(a) The tribunal may make a declaration as to any matter to be determined in the proceedings;
(b) The tribunal may order the payment of a sum of money, in any currency; and
(c) The tribunal has the same powers as the court:
(i) To order a party to do or refrain from doing anything;
(ii) To order specific performance of a contract (other than a contract relating to land); and
(iii) To order the rectification, setting aside or cancellation of a deed or other document.