logo
Share SHARE
FONT-SIZE Plus   Neg

Granite Construction Gets Notice Of Default From Oregon DoT On US 20 Project

Granite Construction Inc. (GVA) announced that its joint venture, Yaquina River Contractors or "YRC", received a Notice of Default from the Oregon Department of Transportation or "ODOT" relating to the US 20 project.

Granite is confident it is not in default of its obligations under the contract and that the allegations contained in the Notice are without merit. The company will contest the Notice, Granite Construction said.

Granite has been in discussions with ODOT to address design issues and delays on the project due to unanticipated and continuing geotechnical conditions and landslide movement. Granite has been performing its duties under the contract including working with ODOT to determine how to safely and most cost-effectively complete the project.

In October 2011, a Dispute Review Board or "DRB" concluded that ODOT is responsible to pay YRC for the costs of the delay and new design and construction work required to address the ongoing landslide issues. ODOT rejected the DRB's findings and unilaterally disbanded the board.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Tiffany & Co. reported Wednesday higher profit in its first quarter, above market estimates. Net sales edged up, but missed market view amid lower comparable sales in all regions. Further, the company maintained its fiscal 2017 earnings view, but updated sales growth view on a constant exchange rate basis. In pre-market activity, Tiffany shares were losing 3.92 percent. Lowe's Co. reported Wednesday lower profit in its first quarter, reflecting a loss on extinguishment of debt, despite higher sales and comparable sales. Adjusted earnings per share and sales missed market estimates. Further, the company updated its fiscal 2017 earnings view to reflect the loss, and backed sales growth forecast. In pre-market activity, shares were declining 7.34 percent. Shares of Kingfisher Plc were declining around 7 percent in the morning trading in London after the home improvement retailer reported Wednesday weak sales in its first quarter on a constant currency and like-for-like basis amid continued weaker sales in France. On a reported basis, sales increased from last year.
comments powered by Disqus
Follow RTT