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Article Excerpt
The Panama Canal's enormous new construction project is under contract, and Grupo Unidos por el Canal (GUPC) was the winning bidder. The international consortium won the job with a bid of US$3.12 billion. At that price, Grupo Unidos underbid two competitors and was well under the target price of US$3.48 billion established by the Autoridad del Canal de Panama (ACP). Grupo Unidos is composed of Sacyr Vallehermoso of Spain, Impregilo of Italy, Jan De Nul of Luxembourg, and Constructora Urbana (CUSA) of Panama. The winning date was July 16, but the ACP signed the contract only after receiving a US$400 million performance bond and a US$50 million payment bond on Aug. 11.
This is one of the biggest engineering projects ever and certainly the largest in the world at this time. The bonds received and contract signed, the project has reached what has been called a critical milestone, and contracting officer Jorge de la Guardia issued the Notice to Commence.=20 On Aug. 25, the actual work of design and construction of the new set of locks...
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