This is good news indeed and we are now back on tract to see the canal expansion completed next year.

The agreement between the Panama Canal Authority and the consortium GUPC has been framed within the conditions of the original contract and rules out paying for cost overruns which are outside of the contract.

The Third Set of Locks project will be completed within the terms of the contract, as the Panama Canal Authority has demanded since the beginning.

From a press release issued by the Panama Canal Authority:

The Panama Canal Authority (ACP) announces the close of talks with Grupo Unidos por el Canal (GUPC) on Thursday which led to a conceptual agreement subject to documentation, review and final signature by the parties.

The conceptual agreement falls within the terms of the contract between the ACP and GUPC, and disregards any claims for payments.

GUPC’s claims will have to remain under the attention of the dispute resolution mechanisms contained in the contract. The contract price will be maintained, ie it will not be modified by this agreement.