The cost over-run temporarily halted work on the massive expansion project in February, and the Panama Canal Authority now says the project is on track to open in January 2016.
Additional hearings for other claims may also go to arbitration should the canal authority and the construction consortium fails to reach a settlement under two other mechanisms established in the original contract.
Under that contract, all claims are analysed by both sides before proceeding to a dispute adjudication board if a compromise can’t be reached. If either side is unsatisfied with the board’s decision, the claim moves to arbitration in Miami.
It also appears that a separate claim for about USD888 million for work stoppages is still being discussed between the two sides, while another worth about USD497 million for the quality of aggregate used for the concrete mix is at the dispute adjudication stage.
The first claim to reach arbitration is for the cost of draining an area to create work space near the Pacific locks of the 50 mile long canal.