https://www.taxtmi.com/caselaws?id=160755 An arbitral award may be set aside for error of law apparent on its face where the arbitrator discloses the legal basis of compensation and applies an incorrect measure of damages. The majority held that the award for wrongful cancellation of contracts was legally flawed because the value of steel used in unfinished bins was not the proper basis for compensation for non-acceptance or breach; the correct measure was ordinarily the difference between contract price and market price, or in suitable cases between contract price and manufacturing cost. The award was therefore vitiated by legal error. en-us Fri, 30 Sep 1966 00:00:00 +0530 Sat, 16 Aug 2014 09:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=160755 An arbitral award may be set aside for error of law apparent on its face where the arbitrator discloses the legal basis of compensation and applies an incorrect measure of damages. The majority held that the award for wrongful cancellation of contracts was legally flawed because the value of steel used in unfinished bins was not the proper basis for compensation for non-acceptance or breach; the correct measure was ordinarily the difference between contract price and market price, or in suitable cases between contract price and manufacturing cost. The award was therefore vitiated by legal error. Case-Laws Companies Law Fri, 30 Sep 1966 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=160755