Introduction Formation of contracts, mistake, misrepresentation and frustration are all interesting topics to study and grasp the concepts thereof. However, it is interpretation and construction of contract which is far more important in practice and constitutes a topic of vital importance in commercial law practice.1 It is well settled principle that rights and obligations of parties in a legal transaction are not to be construed in vacuum; these rights are often provided by the statute itself. However, in case of commercial contract; the rights and obligations of the parties are determined on the basis of terms and conditions of the commercial documents. In the context of interpreting statutes in India, there are certain well established principles or rules which the Court follows. For instance, the Indian Courts while construing constitutional provisions follows a liberal interpretation keeping in mind the large ....