Finance Minister warns contractors of liquidated damages over project delays

(Kaieteur News) – Finance Minister, Dr. Ashni Singh on Friday made it clear that the government will enforce strict contract management to ensure contractors deliver projects on time and on budget and will institute liquidated damages against companies that fail to meet contractual obligations.

He said, “the president and cabinet have taken a firm position as it relates to ensuring contractual compliance, that the contracts that we have with those who are providing goods and services are executed on time, in keeping with the specifications that are outlined in them and in keeping with the costs reflected in the contract and so stronger contract and project management are very much a priority for us and enforcement.”

In keeping with this stance, he said, “the cabinet is taking a firm position on the enforcement of liquidated damages in the event that you have time overruns.”