Breaking News
FONT-SIZE Plus   Neg
Share SHARE

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

RELATED NEWS
Trade GVA now with 

Granite Construction Inc. (GVA: Quote) 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.

Click here to receive FREE breaking news email alerts for Granite Construction Inc. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Fashion retailer Gap Inc. said Thursday after the markets closed that its second quarter profit rose 10% from last year, helped by higher sales and a gain from asset sale. The company's quarterly earnings per share, excluding items, also came in above analysts' expectations as did its quarter sales. Separately, Gap announced plans to enter India through franchise-operated Gap brand stores in 2015. While buying interest was somewhat subdued, stocks moved mostly higher over the course of the trading day on Thursday. The gains on the day extended the recent upward trend by the markets, lifting the S&P 500 to a new record closing high. Republicans have not found much to like about President Barack Obama's nearly six years in office, but the results of a new Washington Post-ABC News poll show that a vast majority support the president's decision to launch airstrikes in Iraq.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.