However,on 31st October,1998,the appellant faxed IOC s message informing them of the extension of the existing coastal tanker fleet for the month of October,1998 at reduced rates,viz.80% of the Charter Party rates prevailing till 30th August,1998.On receipt of the said letter,the respondent vide their letter dated 5th November,1998,protested against the revision of the rates for the vessel not being considered under the new bid and stated in unequivocal terms that it was not possible for them to accept the proposal of the Oil Co-ordination Committee,communicated to them vide letter dated 12th