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Arbitrator: Panama Canal Authority owes canal builders US$233 million
COMMERCIAL arbitrators have ruled that the Panama Canal Authority owes canal builders, Grupo Unidos por El Canal (GUPC), US$233 million of the $463 million the consortium claimed in cost overruns.
The Dispute Arbitration Board (DAB) also extended completion the GUPC's period for completion of the locks by 176 days. GUPC's claim asked for 265 days, reported Newark's Journal of Commerce.
The consortium, charged with expanding called the Grupo Unidos por El Canal, had filed the claim under the provisions of its original $3.1 billion contract with the canal agency.
Not agreeing to pay, Panama Canal administrator and CEO Jorge Quijano said: "We must proceed to a thorough technical and legal analysis of this decision to take the steps that are within the best interests to the Panama Canal.".
As both parties are dissatisfied with the ruling, they may exercise an option to appeal to the Arbitration Tribunal in Miami under International Chamber of Commerce accords.
The Dispute Arbitration Board (DAB) also extended completion the GUPC's period for completion of the locks by 176 days. GUPC's claim asked for 265 days, reported Newark's Journal of Commerce.
The consortium, charged with expanding called the Grupo Unidos por El Canal, had filed the claim under the provisions of its original $3.1 billion contract with the canal agency.
Not agreeing to pay, Panama Canal administrator and CEO Jorge Quijano said: "We must proceed to a thorough technical and legal analysis of this decision to take the steps that are within the best interests to the Panama Canal.".
As both parties are dissatisfied with the ruling, they may exercise an option to appeal to the Arbitration Tribunal in Miami under International Chamber of Commerce accords.
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