1. In this appeal preferred under S.37 of the Jammu and Kashmir Arbitration and Conciliation Act, 1997 (herein - after referred to as 'the Act'), the appellant has assailed the validity of order dated 2-4-2016 passed by the trial Court by which the application preferred by the appellant under S.34 of the Act has been rejected and the award passed by the Arbitral Tribunal dated 28-12-2014 has been modified insofar as it pertains to grant of interest for the post award period to 6%. In order to appreciate the appellant's challenge to the impugned award, few facts need mention which are stated infra:

2. The appellant issued Notice Inviting Tenders (NIT) on 15-3-2005 by which Tenders were invited for grant of contract for construction of Mughal Road from Bafliaz, District Poonch to Shopian (Pulwama) in the State of Jammu and Kashmir. The last date of submission of bid was 14-6-2015. The respondent submitted his bid in response to the aforesaid Notice Inviting Tenders (NIT), which was accepted and letter of acceptance was issued on 14-9-2005. Thereafter an agreement dated 8-2-2006 was executed. Under the agreement, the date of commencement of the work in question was 1-3-2006 and the c