After multiple attempts to liquidate the contract and collect the bonds for the road works that were awarded to the Brazilian construction company, the Guatemalan government has finally received the money and will be able to tender the works again.
Representatives from the executive board announced that they have already received two bonds corresponding to the road works for 140 kilometers of the CA-2 highway, meaning that the path to bidding for new contracts is practically open.
Following the Brazilian construction company's abandonment of the road work contract that had been awarded, the government intends to make a claim on the advance payment and performance bails which amounts to $122 million.
The contract consisting of the extension of 140 kilometers of the CA-2 West highway was awarded to the construction company Odebrecht in 2012, however, the company abandoned the work after performing work on only 43 kilometers.
The union claims that the blockade by 23 customs officers for allegedly failing to comply with customs bonds is delaying foreign trade procedures at customs offices.
In a statement published in Honduran media, the National Federation of Customs Brokers (FENADUANAH) denounced that it is opposed to the decision of the Revenue Office to block access to the Automated System for Customs Income to 23 customs officials for allegedly failing to comply with the payment of customs bonds required by regulations.
Insurers are limited to selling insurance policies and are not allowed to sell commercial bonds.
After the Insurance Superintendence requested clarification on whether or not insurers were authorized to sell bonds, the Attorney General's Office concluded that "... insurance companies should be limited to its insurance business, therefore they are not allowed to sell commercial bonds. "
Grupo Unidos por el Canal has obtained financing to complete the construction of the third set of locks and requested an extension of 18 days, meaning that the work should be ready in January 2016 and not in December 2015.
The Panama Canal Authority announced that with the bond obtained by Grupo Unidos por el Canal, the construction consortium will be able to complete the construction of the third set of locks, but added that GUPC has filed a new claim, this time for $24 million as a result the effects of a workers' strike which occurred in April and May this year.
The Panamanian Government has announced the execution of bonds of two contracts for the construction of hospitals awarded to IBT Health Group.
The President of the Republic, Ricardo Martinelli said that the contracts for the General construction of the hospitals Meteti, Darien and Général de Bugaba, in Chiriqui for US$36.5 and $30.6 million respectively, will be terminated and that at the same time they will follow the relevant legal procedures relating to contracts for the hospitals of La Villa de Los Santos and Colon, with the same company.
Panamanian Congress has approved the elimination of a performance bond of between $3000 and $75,000 to be paid by shops who sell alcoholic beverages.
According to Jose Noriel Vega, president of the National Association of Bars, Pubs and Business Dedicated to the Sale of Liquor, they are waiting for the president, Ricardo Martinelli, to sanction the law.
Representatives from the government and employers reached an agreement to reform the rule which requires a bond deposit of between $3000 and $75 000 on stores that sell alcoholic beverages.
Prensa.com reports that "members of the National Association of Bars, Pubs and Businesses engaged in the sale of liquor, and representatives from the Ministry of Commerce and Industry (Mici) agreed to eliminate the performance bond established in Act No. 2 February 2013 ". According to Virgilio Sousa, national director of Commerce at the Mici, the proposal is starting to be drawn up by the legal department of the ministry and will be presented in the next few days before the Cabinet.
Two lawsuits have been filed challenging the constitutionality of the law requiring a performance deposit bond of up to $75,000.
Lawyers representing business owners of liquor outlets have filed claims against law No. 2 of February 5, 2013 with the Supreme Court of Justice (CSJ).
About 60 tourism agencies have been operating in Panama without possessing the required performance bond.
This bond, designed to support consumers in the event of the agency failing to comply with the contract, has a value of $10 000, and must be renewed annually.
An article in Prensa.com reports that "the Tourism Authority of Panama (ATP) has reported that it has already canceled three operating licenses, and that the rest of the companies have already updated their bonds. The companies that lost their license may appeal against the ATP’s decision, which is why the entity has not disclosed their names. "
In Guatemala premiums total $23 million, and regionalization of economic activities has promoted fronting for international businesses.
In 2011, securities generated an amount of Q177 million or about $23 million and for 2012 they are forecast to grow by 15% to 20%, said Andrew Sicily, president of Fianzas Universales to Prensalibre.com.
An estimated five to 10 percent of the bonds in Guatemala are released under a international fronting scheme. According to Sicily in the last six or seven years the increase in business has meant that about 25 Guatemalan companies already use these mechanisms in countries like Mexico.
A proposal by the capital city’s municipality requires builders to post a bond guaranteeing buyers compensation in the event that construction works are not carried out.
Faced with repeated complaints about construction and real estate agents breaching contracts, the Directorate for Construction Works and the Municipality of Panamá, have presented a proposal.
Surety bonds and collective and life insurance will be taxed 5%.
These new impositions are part of the fiscal adjustment law, and would increase the State's revenue in $11 million.
"Salvador Morales, executive vice president of Suramericana Insurance, argued that these changes are a 'hard blow' for the owners of life insurance, which plays a social protection role for families", reports Prensa.com. "He added that construction industry and bank debtors with collective policies will also be affected by these tax changes".
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