Thus, there are four different rates of exchange which feature in this case, namely, Rate provided in the FF 1.033 = Rs. 1.000 said contract Rate fixed by the FF 1.000 = Rs. 1.5178 Umpire Rate at the date of the FF 1.000 = Rs. 1.831 said award namely on December 21, 1974 Rate at the date of FF 1.000 = Rs. 1.938 the decree, namely, on May 7, 1975 543 We shall first examine the said contract to determine whether the rate of conversion mentioned in the said Article IX 3.1 applied only to 20 per cent of the amounts in French Francs payable by ONGC to Forasol in Indian rupees in respect of Forasol 's operational fee, standby fee and equipment charges as contended by Forasol or whether it applied to all payments to be made under the said contract, whether in rupees or in French Francs, as contended by ONGC.