UNI CONSTRUCTION Vs. IRCON INTERNATIONAL LIMITED

JUDGEMENT

(1.) The prayer clause, in this petition, preferred by the petitioner, under Section 9 of the Arbitration and Conciliation Act , 1996 (hereinafter referred to as "the 1996 Act"), reads thus:

(2.) On 24th October, 2017, a Notice Inviting Tenders (NIT) was issued by the respondent, for "construction of depot building, service building, station building and residential building at Saphale, Palghar, Maharashtra of VAITARANA-SACHIN section in connection with construction of Western dedicated freight corridor Phase-II. The petitioner applied, in response to the aforesaid NIT on 20th November, 2017. The financial bid of the petitioner was opened on 7th December, 2017 and letter of acceptance, awarding the work contract to the petitioner, was issued on 18th January, 2018, by the respondent.

(3.) Clause 8.0 of the General Conditions of Contract (GCC), between the petitioner and the respondent, dealt with performance security and retention money. Sub-clauses 8.2 and 8.4(a), thereunder, read thus: