Panama Canal: conceptual agreement reached

The Panama Canal Authority (ACP) has announced the end of talks with Grupo Unidos por el Canal, S.A. (GUPC), the new locks project contractor, resulting in a conceptual agreement, subject to documentation, review and signature by both parties.

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 price of the contract remains the same and is not modified by the new agreement.

“We have reached a conceptual agreement that protects the interests of the Panama Canal, within the terms of the contract and respecting our position,” said Canal administrator Jorge Quijano.