$194 million arbitration over canal expansion bill


$194 million arbitration over canal expansion bill

An arbitration hearing over a $194 million claim filed by GUPC, the consortium that constructed the third set of locks for the Panama Canal Expansion , began in Miami on Monday July 18.

The hearing is being held under the rules of arbitration of the International Chamber of Commerce International (ICC).

Representing Panama is the firm Mayer Brown, Vilson & Elkins and Manus McMullan QC, who are supported by Galindo, Arias and Lopez in addition to the legal team of the Panama Canal Authority (ACP),

The hearing was postponed on two previous occasions.

To date, the consortium has claimed $3.5 billion in cost overruns, more than the $3.1 billion contract to design and construct the third set of locks. A conflict resolution board has resolved $929 million in claims, and has about $565 million in claims pending. Both sides can appeal decisions of the board to the arbitration panel.

The hearing over the $194 million is expected to end July 30, but it could be extended due to the complexity of the case

Source: La Prensa

Source from : International Shipping News