( 1 ) THIS arbitration has been a long drawn out affair. By a contract dated 12-2-1964 between the Fertilizer Corporation of India (the Corporation) and Girdler Corporation, later known as C. I. Girlder Inc. (the contractor), the contractor agreed to erect and instal a Methanol Plant at the Corporation s Trombay Division at Bombay of the description and on the terms set out in the said contract. The plant was supplied on a turn-key basis. It was to have a capacity to produce 100 metric tons of Methanoi per continuous day of 24 hours with either refinery gas or petroleum naptha as the feed stock. The contractor was to be paid 45 million rupees as the price of the plant.

( 2 ) ARTICLE XIV of the said contract contained an arbitration clause which is as follows:

"all disputes and differences between the Contractor and the Corporation shall be REFERRED TO to arbitration, each party appointing an Arbitrator, and the Two Arbitrators nominating an Umpire, as the first step before consideration of any specific issue REFERRED TO to them. The decision arrived at unanimously by the two Arbitrators, or on their failure to reach unanimous decision the award of the Umpire