The components used in execution of work for which price adjustmentwas payable to the appellant are labour, plant and machinery,petroleum, oil and lubricant (POL), cement, steel, bitumen, and otherlocal materials. ... Price adjustment for four of these components, i.e.,cement, steel, plant and machinery, and other local materials wasagreed to be calculated as per a formula given in sub-clause 70.3 ofthe contract. The relevant portion of sub-clause 70.3 states as under