1. The HALSBURY'S LAWS OF ENGLAND (4th Ed., Vol.2, para 611)1 states about finality attached to award as under: -
'The effect of the award is such as the agreement of reference expressly or by implication prescribes. Where no contrary intention is expressed and where such a provision is applicable, every arbitration agreement is deemed to contain a provision that the award is to be final and binding on the parties and any persons claiming under them respectively.
'As between the parties to the arbitration agreement, the award gives rise to an estoppel inter parties with regard to the matters decided therein analogous to that created by the judgment in an action in personam; thus, if the award was in respect of a breach of a contract, it may bar further proceedings even though fresh damage has flowed from the breach. Once an award has determined the construction of contract, the parties are bound by that construction even though a new source of difference raising the question occurs. Since it is the duty of a party to bring forward his whole case where the reference is of all matters in difference, he will, generally speaking, lose his right of action in respect of any matter of diff