Mar 28, · Bankruptcy brings work on bridges to a halt ConCreate USL says it has more than employees and lists on its website various bridge rehabilitation and . ConCreate USL (GP) Inc. In that case, however, the Alberta Court of Appeal found that the contractor filed its second lien before the deadline set by section 41 of the BLA elapsed. Jun 26, · The City of Ottawa announced that its bonding firm has finalized the selection of a prime contractor, Horseshoe Hill Construction Inc., to complete the $million Strandherd-Armstrong Bridge project. Bolton, Ontario-based Concreate USL was working on the bridge until March, when it went into receivership under the Bankruptcy and Insolvency Act.
The City also retains step in rights to preserve important subcontracts, as well as the power to approve and change the control of the project. The payment regime for the Stage 2 Confederation and Trillium Line extension contracts is structured to ensure the City never expends more money than has been earned by the contractor for completed works and significant sums are held back to drive on-schedule completion as well as additional certain bonds.
Insolvency, of course, can create schedule delays as a result of the likely change of control of the project. Some delays to allow for the transfer of the project to new ownership were incurred, but the project was completed under the control of another firm at no additional cost to the City. Another recent example of a successful restructuring is the Carillion bankruptcy. Facebook Twitter Instagram. I have full confidence in the outstanding staff and the ir expertise that they are bringing to this project.
The Stage 2 plan before us today is a radical improvement on the plan presented in the past. Several additional kilometers of track and stations have been added over the last two years, including an extension from Bayshore to Moodie Drive. This ambitious plan has grown in scope — in a good way. This m eans that it is more expensive and will take longer to build. There have been over consultations across the city over the last few years on this project. As scope of Stage 2 increased, these scope increases were debated and approved by the past Council.
Prev Kanata North Transit Survey. Next Community Update. Search for: Search. Federal and Provincial Grants. Other Revenue. Gas Taxes. Development Charges. Transit Taxes. Non-Transit Funding Bundled Projects. Omstead Foods — Processor of frozen fruits, vegetables and coated appetizers for domestic and international markets. DryAir — Manufacturer of innovated portable heating systems. Highland Transport — Long haul just-in-time truckload carriers.
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Join the conversation. Early bird pricing ends today. Making more of the downside can help you succeed in the upside. Going, going, gone! Early bird pricing wraps up soon. Register now. The court found that the geographic scope of the covenants was reasonable because the parties clearly expected the business to be national in scope going forward even though it was not national at the time of the transaction.
Since it was unknown whether the lenders would approve, or even who the lenders would be at the relevant time, the covenants might continue indefinitely, which the court found unreasonable. The decision of the Court signals that the equality of bargaining power between two parties to a commercial transaction will not prevent a court from assessing the reasonableness of a restrictive covenant arising from that transaction.
All covenants must be unambiguous and reasonable with respect to geographic scope, duration, and the activities being restricted. In particular, employers should be careful to ensure that the duration of a restrictive covenant is clear.