a storage space of 1295 sq. mtrs. and possession of this space was handed over to the respondent on 12.09.2012, even before an agreement could be entered between the parties. 4. Lease agreement on 26.09.2012 governing the contractual relationship provided under Clause 1 that the space will remain with the respondent for a period of 3 years from 12.09.2012. Thus, the contract was due to expire by efflux of time by 11.09.2015. This lease was made subject to a ‘renewal by mutual consent’ as per Clause 2. The rate of storage was fixed at Rs. 131 per square meter per month. What is relevant for us is Clause 16 of the agreement, incorporating the arbitration clause. 1 2024 SCC OnLine SC 1754 25. Even before the expiry of the lease, the storage charges were said to have been revised on a pan India basis w.e.f. 01.11.2012. The revision of the storage charges was communicated to the respondent and by a letter dated 04.10.2012, a demand for enhanced payment w.e.f. 01.11.2012 was raised. The