1. By this appeal petition filed under section 37 of the Arbitration & Conciliation Act, 1996 (for short “Arbitration Act”), the appellant seeks to challenge an order and judgment dated 12th August, 2004 passed by the learned Joint District Judge, Ratnagiri rejecting Civil Misc. Arbitration Application (7 of 2001) filed by the appellant under section 34 of the Arbitration Act, 1996 challenging the impugned award dated 15th December, 2000 allowing various claims made by the respondent. (The appellant is hereinafter referred to as the “owner” and respondent is referred to as “Contractor”).

2. Some of the relevant facts for the purpose of deciding this appeal are as under:

(a) On 4th June, 1991, the owner invited tenders for the work of construction of major bridge on River Vashshiti at Chiplun. On 12th July, 1991, the contractor submitted a tender. The owner accepted the tender submitted by the contractor on 29th August, 1991 at the cost of Rs.1,59,94,060 with a stipulated date of completion as 28th October, 1992. Both the parties thereafter executed formal contract agreement. The stipulated date of completion was 28th October, 1992. The owner granted extension of contract ti