ONGC PETRO ADDITIONS LTD. vs DAELIM INDUSTRIAL COMPANY LTD. KOREA

The Supreme Court ruled that the acceptance of a bid as per Clause 26.2 of the notice inviting tenders constitutes a binding contract between the parties. The Court held that ONGC Petro Additions Limited's issuance of a 'notification of award' on 6.1.2011 confirmed the contract with Daelim Industrial Company Limited, despite the latter's absence in the proceedings. The Court emphasized that the non-applicant's failure to appear did not invalidate the binding nature of the contract established through the tender process.