( 1 ) THE petitioner company which provides information technology service was an unsuccessful tenderer for computer networking connectivity in respect of a tender floated by the respondent Punjab National Bank on 4th June, 2004 and consequently its technical bid was rejected. This led to the filing of the present application under Section 9 of the Arbitration Act, 1996 (hereinafter referred to as the Act) by which interim orders under Section 9 of the Act are sought on the basis of the applicability of the Arbitration clause contained in clause 24 of the terms of tender.

( 2 ) THE issue involved in the present case is whether before the signing of agreement an arbitration clause contained in the tender documents can be availed of by a unsuccessful tenderer. The learned counsel for the parties have relied upon clauses 22 and 24 of the tender terms which read as follows :

"22. SIGNING OF CONTRACT the successful bidder (s) shall be required to enter into a rate contract with PNB, within 7 days of the award of the tender or within such extended period as may be specified by Bank on the basis of the Tender Document, the Tender of the successful bidder, the letter of acce