1. By this petition filed under Section 34 of the Arbitration and Conciliation Act, 1996 (for short “the said Arbitration Act), the petitioner has impugned the arbitral award dated 12th October 2012 passed by the learned arbitrator rejecting the claims made by the petitioner. Some of the relevant facts for the purpose of deciding this petition are as under:

2. The petitioner herein was the original claimant whereas the respondent herein was the original respondent in the arbitral proceedings.

3. Some time in the month of February 2006, the respondent invited bids for transportation of material etc. by trailer, truck and LCV from Mumbai to outside project and vice-versa. The respondent had invited bids for 5 sectors i.e. i)Western Sector; ii) Southern Sector; iii) Northern Sector; iv) Eastern Sector; and v) other Sector in and around Mumbai. Pursuant to the said notice, the petitioner submitted its bid and was selected as successful bidder as far as northern sector (jobs covering outgoing from Mumbai by trailer) and southern sector (jobs covering outgoing from Mumbai by trailer and jobs covering incoming to Mumbai by trailer/truck). The respondent issued two letters of inte