https://www.taxtmi.com/caselaws?id=275346 A stipulated performance bond linked to delayed delivery could operate as liquidated damages under Section 74 of the Indian Contract Act, 1872 where actual loss was not readily quantifiable, and repeated written extensions prevented a denial of its validity. The Court also held that pleadings are governed by substance rather than form, so reliance on Article 10 was not defeated by the absence of an express citation, and the contractual sequence required the seller's obligations to be performed before the buyer's letter of credit obligation arose. Applying the unamended Section 34 framework, the Court found the amended regime inapplicable to pending objections and set aside the arbitral award. en-us Sun, 08 Feb 2015 00:00:00 +0530 Fri, 28 Sep 2018 07:31:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=275346 A stipulated performance bond linked to delayed delivery could operate as liquidated damages under Section 74 of the Indian Contract Act, 1872 where actual loss was not readily quantifiable, and repeated written extensions prevented a denial of its validity. The Court also held that pleadings are governed by substance rather than form, so reliance on Article 10 was not defeated by the absence of an express citation, and the contractual sequence required the seller's obligations to be performed before the buyer's letter of credit obligation arose. Applying the unamended Section 34 framework, the Court found the amended regime inapplicable to pending objections and set aside the arbitral award. Case-Laws Indian Laws Sun, 08 Feb 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=275346