Faced with the threat of the construction consortium stopping the works, the ACP has reaffirmed its commitment to the international maritime community and its customers to successfully complete the Expansion Program.
Monday, January 6, 2014
A statement from the Panama Canal Authority (ACP) reads:
ACP reaffirms it's commitment to maritime community to complete the Canal Expansion
Panama City, January 6, 2013 -. The Panama Canal Authority (ACP) today reaffirmed its commitment to the international maritime community and its customers to successfully complete the Expansion Program, fulfilling its goal of providing a new era of opportunities for global maritime trade.
In a communication with customers and the maritime community, the administrator of the Panama Canal, Jorge Luis Quijano, said "we would like to assure our customers that the ACP has always worked with the best intention that the contractor will complete the project, equally that the contract includes guarantees and alternatives which allow the institution to successfully develop the project. "
"Our customers are our number one priority and we are working to resolve this impasse in the best possible way within in the legal framework of the contract in order to ensure that the Expansion Program is completed," said the Canal Administrator in the letter to its customers and the international maritime community.
The ACP reiterated that the waterway operations will continue as normal and that the situation with the contractor regarding one of the projects of the Expansion Program, has no impact on the operations of the Canal.
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Although work has been restarted, there are still differences at the negotiating table that make the final agreement uncertain.
Just yesterday afternoon more activity could be seen in the works of the Canal expansion, as the administrator of the Panama Canal, Jorge Luis Quijano said it was "a good restart of works."
The Panama Canal Authority has reported that the consortium GUPC has ceased trading and it is making preparations to be able to carry on the project under its own management.
The main challenge now facing the Canal Authority (ACP), is "not to make any false move that could cause the loss of the performance bond of $400 million, deposited with the insurer Zurich American," according to an article in Prensa.com.
The construction consortium has not carried out its threat to stop construction work at the end of the prescribed period, while Canal Administration prepares to take on the project.
And on Monday there were revelations of another proposal by consortium Grupo Unidos por el Canal (GUPC) for the continuation of the work, which was that the parties in conflict co-finance the so-called contingency costs, while they wait for a decision from the arbitration proceedings established in the contract, over who should pay.
The construction consortium has reaffirmed its ultimatum to stop the works if there is no agreement with the Panama Canal Authority.
An article in Prensa.com reports that "Grupo Unidos por el Canal (GUPC), the company under contract for building the third set of locks, is upholding its ultimatum given to the Canal Administration to suspend the most important works on the expansion project, from next Monday. "
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