Panama Canal Authority (ACP) Press Release:
Agreement Between Panama
Canal and New Locks Contractor Takes Effect
Panama City, Panama, March 20, 2014 - The agreement between the Panama
Canal Authority (ACP) and Grupo Unidos por el Canal. S.A. (GUPC) takes
effect today after signature by all the parties.
As announced on
February 27, the 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. GUPC's claims must be processed through the mechanisms
within the contract.
The final agreement provides that:
contractor finishes the works in December 2015.
The contractor will
deliver in Panama the 12 lock gates currently in Italy by February 2015. The
gates are to be transported in staggered shipments.
GUPC will pay US$100
million and ACP will advance US$100 million (guaranteed), which will enable
works to regain a normal pace.
The Performance Bond for US$400 million
may only be released to Zurich North America, for the contractor to obtain
financing for the same amount to complete the work.
The moratorium for
the repayment of advances may be extended until 2018, subject to fulfillment
of certain milestones and other conditions.
The consortium is formed
by Sacyr Vallehermoso, S.A (Spain), Impregilo, S.p.A. (Italy), Jan de Nul
Group (Belgium) and Constructora Urbana, S.A. (CUSA) (Panama).
the Panama Canal Authority (ACP)
The ACP is the autonomous agency of the
Government of Panama in charge of managing, operating and maintaining the
Panama Canal. The operation of the ACP is based on its organic law and the
regulations approved by its Board of Directors. Please refer to the ACP's
website: http://www.pancanal.com/ or follow us on Twitter @thepanamacanal.