https://www.taxtmi.com/caselaws?id=195718 A commercial contract must be read as a whole, so a lump-sum price clause does not by itself exclude adjustments for variations and compensation events. The arbitration reference was valid because the contractual precondition of prior adjudication was satisfied when the Adjudicator failed to decide within the stipulated period. However, a contemporaneous letter expressly waived extra claims in return for extension of time and waiver of liquidated damages, and the surrounding correspondence confirmed that accord and satisfaction. Those waived claims were therefore not arbitrable, and an award granting them was set aside as perverse and patently illegal. The tribunal's constitution was upheld, but that did not save the award. en-us Fri, 15 Feb 2008 00:00:00 +0530 Tue, 30 Oct 2018 15:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=195718 A commercial contract must be read as a whole, so a lump-sum price clause does not by itself exclude adjustments for variations and compensation events. The arbitration reference was valid because the contractual precondition of prior adjudication was satisfied when the Adjudicator failed to decide within the stipulated period. However, a contemporaneous letter expressly waived extra claims in return for extension of time and waiver of liquidated damages, and the surrounding correspondence confirmed that accord and satisfaction. Those waived claims were therefore not arbitrable, and an award granting them was set aside as perverse and patently illegal. The tribunal's constitution was upheld, but that did not save the award. Case-Laws Indian Laws Fri, 15 Feb 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=195718