Panama Canal Authority won an arbitration ruling for $265 million, to be returned to it from the consortium that built a third set of locks for the waterway expansion project, as Reuters reported.
In fact, GUPC consortium which in charge of the design and construction of the third set of locks for Panama, received an adverse ruling from the Court of Arbitration of the International Chamber of Commerce.
For the records, the Canal and the consortium led by the Spanish company Sacyr have fought a five-year legal battle in claims for alleged cost overruns in the construction of the new locks.
According to Reuters, the case centered on disputed cost overruns largely dealing with concrete quality. It marks the latest of three arbitration verdicts stemming from the canal’s expansion, completed four years ago and allowing the canal to handle bigger ships.
Concluding, two arbitration decisions covering separate disputes between the canal authority and GUPC still remain unresolved.
