( 1 ) THE question which arises for consideration in this application is as to whether having regard to the settlement arrived at between the parties on 12-9-1998, the arbitration agreement contained in clause 56 of the contract survives. Certain facts are not disputed. The parties entered into a contract for civil and structural work for gas lift facilities at CPF, Gandhar. The agreement contained an arbitration clause which is in the following terms:"56. 1 : If any dispute shall arise between parties touching on the contract/agreement or the construction or operation thereof, or the rights, duties or liabilities under these, except as to any matters, the decision of which is specially provided for by the General or the Special conditions, such disputes shall be referred to two arbitrators, one to be appointed by each party, and the said arbitrators shall together appoint an umpire in writing before entering on the reference and the award of the arbitrators or the Umpire, as the case may be, shall be final and binding on both the parties. The arbitrators or the umpire as the case may be, may, with the consent of the parties, enlarge the time from time to time for ma