( 1 ) BY this first appeal, the appellant, the Principal College of Vocational Studies, seeks to challenge the judgment dated May 31, 1985 passed by the learned Single Judge in suit No. 1540-A of 1983, whereby the award dated October 10, 1983 has been made a Rule of the Court and decree in terms of the Award has been passed.

( 2 ) BY an agreement dated May 2, 1978 entered into between the appellant and M/s. S. S. Jaitely, Engineers and Contractors (hereinafter referred to as the Contractor), the contractor agreed to construct the building of the college of vocational studies at Sheikh Sahai, Phase II, New Delhi on the terms and conditions contained therein. Under the terms and conditions of the agreement, the work was to commence w. e. f. April 25, 1978. The total value of the work awarded to the contractor by the appellant was Rs. 18,68,160. 00. The work was to be completed by August 24,1979. Clause No. 31 of the agreement is a clause for extension of time. Clause 50 relates to the price escalation. Clause 45 of the Contract is an arbitration clause with the stipulation that in case, the claim in dispute is Rs. 50,000. 00 or above, then the arbitrator shall give re