He described the failure to negotiate a cost-of-living increase for practices for 2006/7 as a 'one-off'.
'I'm not prepared to go back on that and I'll be resigning if forced to do so,' Dr Meldrum told the annual conference in London last week.
LMC representatives expressed disappointment with the failure to revise the global sum formula in 2006 and said they expected a new version by 2007.
But they stopped short of deciding to call a special conference to ratify any global sum deal before the GPC agrees to the outcome.
Representatives also told GPC negotiators that they had 'fundamentally misled' them when they reneged on a promise they made in 2003 that there would be no new work without new pay.
However, a call for a vote of no confidence in the GPC negotiating team because of its failure to negotiate a cost-of-living increase was lost.