36. In investigating and settling any claim arising out of a contract in writing, the arbitrators shall decide in accordance with the conditions and stipulations set forth in such contract, and shall not, in any case, award compensation to a claimant on the ground that he expended larger sums of money in the performance of his contract than the amount stipulated therein; nor shall they award interest on any sum of money which they consider to be due such claimant, unless interest is stipulated in such contract.
No clause in such contract, stipulating a drawback or imposing a penalty for the non-performance of any condition thereof, or any neglect to complete any such public work, or to fulfill any covenant in such contract, shall be considered as comminatory, but as an obligation to pay, by mutual consent, any damages caused by such non-performance or neglect.
R. S. 1964, c. 138, s. 36.