The theory of Hilbert spaces plays a central role in contemporary mathematics with numerous applications for Linear Operators, Partial Differential Equations, in Nonlinear Analysis, Approximation Theory, Optimisation Theory, Numerical Analysis, Probability Theory, Statistics and other fields. The Schwarz, triangle, Bessel, Gram and most recently, Gruss type inequalities have been frequently used as powerful tools in obtaining bounds or estimating the errors for various approximation formulae occurring in the domains mentioned above. Therefore, any new advancement related to these fundamental facts will have a flow of important consequences in the mathematical fields where these inequalities have been used before.