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Panama Canal agreement comes into force

Panama Canal agreement comes into force
The agreement between Panama Canal Authority (ACP) and Grupo Unidos por el Canal (GUPC) for the completion of the third set of locks has come into force as all required signatures have been gathered.

All the members of the consortium, including Construction Urbana (CUSA), and the guarantor Zurich North America have now ratified the accord that ended a dispute which started in early January and led the consortium to stop working for two weeks in February.

The agreement releases funds allowing GUPC to pay its subcontractos and return to full strength on the works. GUPC returned to the construction sites in February, but with only 30% of activity, pending the agreement's signing.

The agreement and its terms were announced at the end of last week.

Officially the new date for the completion is December 2015, which will be followed by several tests, with commercial transits in the first half of 2016. However, the consortium has the titanic task of trying to make up time for the two months lost this year.