 "uk high court")
Price revision in input cannot be challenged
If a work contract mentions a fixed price for raw material, the price revision by the government cannot be called force majeure or act of god frustrating the agreement. The Supreme Court ruled thus in its judgment in Seamec vs Oil India. There was a contract to drill oil wells in Assam in1995 which was extended until 2000. Meanwhile, the government raised the price of high-speed diesel. Seamec demanded reimbursement of the increased price from Oil India. The demand was rejected, leading to arbitration. The award was in favour of the contractor but it
