Followers | 130 |
Posts | 16058 |
Boards Moderated | 3 |
Alias Born | 08/31/2016 |
Monday, July 20, 2020 8:18:07 PM
Civmec was awarded the civil, construction, fabrication and commissioning work in 2017. The fabrication and construction works had a combined contract value of approximately $64 million.
To date, Altura has paid Civmec $61.55 million for these works.
Civmec achieved practical completion on 31 August 2018, some three months after the original scheduled completion date.
As a result of the delay in reaching practical completion, Altura’s position is that liquidated damages of at least $2.35 million are payable by Civmec in accordance with the contract. Altura exercised its rights to offset the liquidated damages payable by Civmec against the certified outstanding amount payable and retention monies ($2.4 million in total) and has paid Civmec the balance including interest.
Altura notes that the financial impact of the delays attributed to Civmec far exceeded the liquidated damages payable or the amounts that Civmec is now pursuing through legal proceedings.
Altura denies the assertion by Civmec that an agreement that Altura would pay $2.4 million plus GST was reached in January 2019 or that Civmec is entitled to other outstanding and, to date, unsupported claims of up to $2.1 million.
The decision by Civmec to commence legal proceedings against Altura is disappointing.
Altura is confident in its position and will vigorously defend the proceedings.
Regards,
James Brown
Managing Director
alturamining.com
The stock market is a device for transferring MONEY from the impatient to the patient......Warren Buffett
FEATURED Cannabix Technologies and Omega Laboratories Inc. Advance Marijuana Breathalyzer Technology - Dr. Bruce Goldberger to Present at Society of Forensic Toxicologists Conference • Sep 24, 2024 8:50 AM
FEATURED Integrated Ventures, Inc Announces Strategic Partnership For GLP-1 (Semaglutide) Procurement Through MedWell USA, LLC. • Sep 24, 2024 8:45 AM
Avant Technologies Accelerates Creation of AI-Powered Platform to Revolutionize Patient Care • AVAI • Sep 24, 2024 8:00 AM
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM
Dear Cashmere Group Holding Co. AKA Swifty Global Signs Binding Letter of Intent to be Acquired by Signing Day Sports • DRCR • Sep 19, 2024 10:26 AM
HealthLynked Launches Virtual Urgent Care Through Partnership with Lyric Health. • HLYK • Sep 19, 2024 8:00 AM