Saturday, December 28, 2013

New Panama Canal locks Cost Over runs.

Panama Canal's Cost Overruns Complaints Reach $1.4 BillionPDFImprimirE-Mail
Imagen activaPanama, Dic 27 (Prensa Latina) Cost overruns complaints by the consortium Grupo Unidos por el Canal (GUPC), the main contractor responsible for the design and construction of the Panama Canal''s third set of locks, reached the $1.4 billion, official forces reported today.
The original GUPC lawsuit for $585.9 million due to delays caused by a problems in the quality of concrete used was withdrawn early December but they have been taken now to the Dispute Adjudication Board, the Panama Canal Authority (ACP) confirmed.

The Canal's extension works were delayed for eight months due to these conflicts and its termination is now scheduled for June 2015 instead of October 2014.

The second lawsuit, this time worth 850 million, 135 more than expected, was filed by the GUPC to the ACP last Tuesday, due to several factors that according to the consortium have an impact on the works' cost and deadline.

ACP manager Jorge Luis Quijano, the litigant entity will meet the first half of January to follow up the complaint.

In the design and construction contract for the new set of locks, it was established the first level to present a complaint would be the ACP, then the Board and finally, international arbitration.

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