Arbitral tribunal's exclusive authority over contractual construction and interpretation

establishes that the interpretation of the terms and conditions of an agreement is a matter falling squarely within the jurisdiction of the arbitral tribunal. When the arbitral tribunal, upon a comprehensive evaluation of the contractual stipulations and the evidentiary material placed before it, adopts a reasoned interpretation of a clause, courts exercising jurisdiction under Section 34 or Section 37 cannot substitute their own interpretation for that of the arbitrator. If an arbitrator construes a contract reasonably and logically, the resultant construction binds the parties and cannot be invalidated as an error of law or jurisdictional excess. An appellate court acting under Section 37 is especially bound by the interpretation rendered by the arbitral tribunal once it has received the judicial imprimatur of the Section 34 court, and it lacks the authority to overturn that construction merely by proffering a different contractual analysis. (Jan De Nul Dredging India Pvt. Ltd. Vs Tuticorin Port Trust | 2026 INSC 34)