Lima Airport Partners (LAP) breached the Jorge Chávez airport concession contract by not paying insurance, reports journalist Herbert Mujica, a fact that is grounds for termination of said contract, which the State is obliged to terminate, unless it is done present the lobby or bribe and generously “forgive” this fault. LAP hurts Peru because of its expensive service, in addition to the delay in building the new tracks, so that an out now! It is what any Peruvian expects. Let’s stay tuned. (NdR).
Let’s read:
AIJCH: LAP concession hangs by a thread!
Herbert Mujica Rojas
The concessionaire of the Jorge Chávez International Airport, Lima Airport Partners (LAP), did not pay the US$ 200 million fee for renewal of the anti-terrorism insurance, for which reason it is in breach of the contract with the Peruvian State.
This circumstance will require the pronouncement of the MTC and Ositran, because the deadline for that obligation was February 28 and on current days, no chis, no mus!
I don’t say it. Says the Fraport Annual Report 2022, main partner of LAP, whose link we attach.
Will the MTC and Ositran enforce the grounds for termination of the contract with Lima Airport Partners or, through another addendum, the 9th or 10th, will they give the little company that was formed 21 years ago with a capital of S/ 10 thousand soles a longer term? ?
Let’s read his own testimony.
“Under the concession agreement, the Group company in Lima is required to renew terrorism property insurance with an insurance volume of $200 million by February 28, 2023. Due to the ongoing political unrest in Lima, the insurance volume could not be concluded to the required extent. The concession agreement stipulates that a lack of insurance coverage constitutes an immediate breach of the concession agreement, known as an Event of Default (as of March 1, 2023), which gives the grantor a unilateral right to terminate the concession.
The Group company in Lima declared force majeure to the grantor on February 15, 2023, as it is unable to fulfill its contractual obligation due to reasons beyond its control, namely the political unrest in Peru. The declaration of force majeure initially suspends a potential default until the grantor has taken a position on the declaration.
The goal is to obtain a waiver from the grantor for failure to provide the required volume of insurance, beyond the declaration of force majeure, and thus avoid an event of default”. Under the concession agreement, the Group company in Lima is required to renew terrorism property insurance with an insurance volume of $200 million by February 28, 2023. Due to the ongoing political unrest in Lima, the insurance volume could not be concluded to the required extent. The concession agreement stipulates that a lack of insurance coverage constitutes an immediate breach of the concession agreement, known as an Event of Default (as of March 1, 2023), which gives the grantor a unilateral right to terminate the concession.
The Group company in Lima declared force majeure to the grantor on February 15, 2023, as it is unable to fulfill its contractual obligation due to reasons beyond its control, namely the political unrest in Peru. The declaration of force majeure initially suspends a potential default until the grantor has taken a position on the declaration.
The goal is to obtain a waiver from the grantor for failure to provide the required volume of insurance, beyond the declaration of force majeure, and thus avoid an event of default.” https://www.fraport.com/content/dam/fraport-company/documents/investoren/eng/publications/annual-reports/Fraport%20Annual%20Report%202022.pdf/_jcr_content/renditions/original.media_file.download_attachment.file/Fraport%20Annual%20Report%202022.pdf
In Spanish:
“According to the concession contract, the Group company in Lima must renew the property insurance against terrorism with an insurance volume of $200 million before February 28, 2023. Due to the ongoing political instability in Lima, the volume surely could not be completed to the extent required. The concession contract establishes that the lack of insurance coverage constitutes an immediate breach of the concession contract, known as an Event of Default (as of March 1, 2023), which gives the grantor a unilateral right to terminate the concession.
The Group company in Lima declared force majeure to the grantor on February 15, 2023, as it is unable to fulfill its contractual obligation due to reasons beyond its control, namely political instability in Peru. The declaration of force majeure initially suspends a potential default until the grantor has ruled on the declaration.
The objective is to obtain a waiver from the grantor for failure to provide the required insurance volume, beyond the declaration of force majeure, and thus avoid an event of default”.
In other words, will Mrs. Dina’s government accept another breach of LAP? A few days ago, we denounced the failures in the operation (for now out of night service) of the new Control Tower and the unusual dark painting of the low ceilings and also that there is a large segment of the II runway that is not operational?
LAP urges a waiver that joins the repeated issue of force majeure (political instability, what does it have to do with LAP?), via another addendum so that the Peruvian State does not rescind, as it should do with energy and patriotism, the contract concession of the first air terminal in Peru.
10.04.2023
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