Parties Agree to Complete Panama Canal Expansion
On August 1, 2014, the Panama Canal Authority (ACP) and the consortium Groups Unidos por el Canal (GUPC) signed the variation incorporating to the original contract the agreement reached in March for completion of the Third Set of Locks project.
"What remains now is to continue working with the commitment to complete the Expansion which is currently at a 78% progress," said ACP Administrator Jorge L. Quijano.
The Expansion Program registers an overall progress of 78%, while the new locks project is currently 73% complete.
The consortium GUPC 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 parties signed in March a Memorandum of Understanding (MoU) establishing the framework for the completion of the Third Set of Locks project.
This incorporation of this variation does not include any payment for cost overruns or claims. GUPC's claims must be processed following the mechanisms established within the contract.