Section 28 of the Arbitration and Conciliation Act, 1996, pertains to the rules applicable to the substance of the dispute in arbitration proceedings. It mandates that when the place of arbitration is situated in India, the arbitral tribunal shall decide the dispute in accordance with the substantive law for the time being in force in India, unless the arbitration agreement specifies otherwise (!) .

Additionally, this section emphasizes that the arbitral tribunal must decide in accordance with the terms of the contract and take into account the usages of trade applicable to the transaction (!) . The tribunal's construction and interpretation of the contract are within its jurisdiction, and such decisions are generally binding unless they are found to be outside the scope of the arbitration agreement or contrary to the substantive law (!) (!) .

Furthermore, the section underscores that the tribunal's decisions should align with the principles of natural justice, including the requirement that parties are treated equally and are given a full opportunity to present their case (!) . The tribunal's obligation to decide based on the contract and relevant trade practices means that its interpretation of contractual terms is primarily a matter for its discretion, provided it is reasonable and within the terms of the agreement (!) (!) .

In summary, Section 28 enforces that arbitral tribunals decide disputes in accordance with the substantive law of India and the terms of the contract, while also adhering to principles of natural justice and reasonableness in their interpretation and decision-making processes.