In re the Arbitration between Uraga Dock Co. & Mediterranean & Oriental Steamship Corp.

This is an appeal from an order granting petitioner’s (the builder’s) motion for a stay of arbitration. Respondent (the buyer) was the prospective purchaser of two 21,000 ton tankers, for an aggregate sum of approximately $8,000,000, to be constructed by the builder in Japan. The proceeding arises out of a dispute as to whether the buyer made timely tender of payment of the first payment due pursuant to the terms of the written construction contract. Since the agreement provided for arbitration of “ [a]ny dispute arising under or by virtue of this Contract ’’, the buyer sought arbi*445tration of…