Commissiong and Company Limited of Trinidad plans to take legal action against the Guyana Oil Company (GUYOIL) for alleged wrongful termination of three contracts.
On Wednesday, Stabroek News reported that GUYOIL terminated three contracts to which the company was the other party, citing alleged breaches by the company of contractual obligations to provide a guarantee or bond from a local bank.
Commissiong and Company Limited had participated in a tender process which saw it securing contracts for the: (1) ‘Supply and Delivery of one (1) Light Truck at Providence Terminal’; (2) ‘Supply and Delivery of one (1) Rigid Tank Wagon (RTW) at Providence:’ and the (3) ‘Supply, Fabrication, and Erection of two (2) 10,000 US Gallons Storage Tanks’. The three contracts are, together, said to be valued at approximately $169 million.