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Work to resume 'normal pace' on locks under 'conceptual' Panama pact
THE two parties to the Panama Canal US$1.6 billion cost overrun dispute now have a "conceptual agreement" that will have work on a third set of locks resume its "normal pace" this month.
The Panama Canal Authority (ACP) and construction contractor Grupo Unidos por el Canal have an agreement that confirms construction will be complete by December 2015.
"The conceptual agreement falls within the terms of the contract for the design and construction of the third set of locks and does not include any payment for claims," said the ACP communique.
"GUPC's claims must be processed through the mechanisms within the contract. The price of the contract remains the same and is not modified by this agreement," it said.
"We have reached a conceptual agreement that protects the interests of the Panama Canal, within the terms of the contract and respecting our position," said Panama Canal administrator Jorge Quijano.
"The agreement is under review and pending signature; however, our commitment to Panama and our customers has been to inform these recent developments," Mr Quijano said.
Mr Quijano said in early January 2014 that he still expected the expanded Panama Canal to begin commercial operations for larger vessels by the fourth quarter of 2015.
It is unclear from the wording of the ACP statement whether the December 2015 completion date for locks construction includes trial vessel transits and other commissioning processes prior to full commercial opening, noted Lloyd's List.
The Panama Canal Authority (ACP) and construction contractor Grupo Unidos por el Canal have an agreement that confirms construction will be complete by December 2015.
"The conceptual agreement falls within the terms of the contract for the design and construction of the third set of locks and does not include any payment for claims," said the ACP communique.
"GUPC's claims must be processed through the mechanisms within the contract. The price of the contract remains the same and is not modified by this agreement," it said.
"We have reached a conceptual agreement that protects the interests of the Panama Canal, within the terms of the contract and respecting our position," said Panama Canal administrator Jorge Quijano.
"The agreement is under review and pending signature; however, our commitment to Panama and our customers has been to inform these recent developments," Mr Quijano said.
Mr Quijano said in early January 2014 that he still expected the expanded Panama Canal to begin commercial operations for larger vessels by the fourth quarter of 2015.
It is unclear from the wording of the ACP statement whether the December 2015 completion date for locks construction includes trial vessel transits and other commissioning processes prior to full commercial opening, noted Lloyd's List.
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