National Bank of Panama Loses Law Suit
Tuesday, March 24, 2009 7:47
The Constuctora Urupan company has won a law suit against the National Bank of Panama, for the unfair canceling of contracts. The Bank has been ordered to pay the construction company a total of $5,3 million, which is over 7,5 times more than the original value of the contracts, which were originally for the construction of two branches, for the bank in Pedasi and Ocu, as well as the repainting of the Chitre branch.
The bank cancelled the contracts under the provision of poor performance, however the construction company’s legal team successfully argued the performance and delays were caused by weather and bank related problems, and not as a result of the construction company’s inadequate performance. The cancellation of these contracts resulted in the construction company’s demise and the court ruled in their favor to cover damages and compensation.
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