V. C. DAGA, J. - The petition is directed against the impugned award dated 20th May, 1977 (Annexure H) passed by the Joint Arbitrators appointed by both the parties under Sections 30 and 33 of the Arbitration Act, 1940 ("Act" for short).

FACTS IN DETAIL

The facts in detail, necessary to appreciate the rival contentions, may be stated : The petitioners herein are the Government Company established under Section 9 of the General Insurance Business (Nationalisation) Act, 1972 having its registered Office at 170-J. Tata Road, Churchgate, Mumbai-400 020 ("the petitioner" for short). The respondents are company incorporated under the Companies Act, 1956, inter alia, carrying on business as Civil Contractors having their registered Office at 10, Hamal Wadi, Dhobi Talao, Mumbai-400 002.

The petitioner had floated a tender for civil works for it proposed office interiors. The respondent made a bid and after certain deliberations and negotiations and the same was finalised. The petitioner vide its letter dated 15th March, 1990 conveyed acceptance of item rate tender submitted by the respondents subject to modifications agreed during the discussions; whereby eventually, the rates of