Smmc And Finso Agree On Adjusted Terms, Sign Letter Of Intent
~ Inflation and supply chain disruptions result in adjusted terms for SMGH construction ~
CAY HILL St. Maarten Medical Center (SMMC) and general contractor, FINSO, recently signed a Letter of Intent (LOI) regarding the adjusted terms for the construction of St. Maarten General Hospital (SMGH) in the presence of Minister of VSA Omar Ottley, marking the next step in the continuation of the project.
Although contract revisions are never a welcome process during an ongoing construction project, the existing market conditions of persistent high inflation and supply chain disruptions due to the pandemic and the war in Ukraine have made it impossible to complete the SMGH building as per the terms agreed to in 2016, when the original contract was signed, stated Minister of VSA Omar Ottley.
This LOI clearly stipulates how to deal with these issues which is important to finish the SMGH.
Following the LOI, the contract and the financing will be adjusted based on the agreements of the LOI Read more
Candidates in this article: