'No Interest' Clause on Security Deposits in Mining Contracts Upheld; Interest Payable Only for Delay Beyond Three Months: Supreme Court

The Supreme Court has held that courts cannot rewrite the terms of a commercial contract merely because one of the parties later considers a contractual condition to be unfair. In a significant ruling relating to a government mining contract, a Bench comprising Chief Justice Surya Kant and Justice V. Mohana upheld the validity of a contractual clause denying interest on a contractor's security deposit. However, the Court clarified that if…