An arbitration award has been issued in the second of the four arbitration proceedings between Galfar Engineering and Contracting (claimant) and Oman Wastewater Services Company / Haya (Defendant) over disputed claims between the parties in Seeb sewage project contract-3.
The arbitration award has decided in all disputed matters and the award obligated Haya to pay to Galfar all awarded amounts in a sum amounting to RO18,860,533/260 plus interest at a rate of seven per cent from the date of 5/11/2014 up to the date of Award on 15/2/2018 which is equal to RO4,252,535/357.
Accordingly, the awarded total amount is equal to RO23,113,068/617 subject to an interest increase @ seven per cent from the date of the award 16/2/2018 until full payment. This award covers the income recognized in the company’s accounts.
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