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| 407 ETR and Ontario Government reach amicable settlement 407 ETR (managed by Cintra in Toronto) and the Ontario Government have reached an amicable settlement regarding all legal disputes between the parties. The settlement is due to both parties' decision to create a stable collaboration framework that reinforces long-term relations (the 407 ETR concession period is 99 years). Both parties have withdrawn all existing disputes and claims and accepted the various court and arbitration decisions as final and binding. In particular, the Ontario Government has accepted the decisions regarding the Change Request, Base Year (2002) and Plate Denial. 407 ETR's obligation under the concession agreement to expand the road by one lane each way has been brought forward; now this will be executed in the next two years, adding 50 km of lane each way (total: 100 km) at an investment of approximately 100 million CAD. Approximately 65% of the agreed expansion is already under construction or scheduled to open in 2006 and 2007. The other one-third of the expansion will be brought forward by 4-5 years, without making any investments in excess of those established by the concession contract. write your comments about the article :: © 2006 Construction News :: home page |