Ritz-CarltonProject Moving Steadily Along
The Ritz-Carlton has said that followingtermination of an original contract with Olson Construction forpiling work in the building of its Grand Cayman Resort it is proceedingwith work employing services of a new local contractor.
Following is a release issued by the company.
"On September 24, 2001, a contractwas signed with Olson Construction for the Phase 11 piling work.On November 6, 2001, Olson was notified that they were in defaultof the terms of the contract. The contract provides a 5-day periodfor the remedy of the default, which period has now expired andthe contract has now been terminated for failure to remedy thedefault.
"All payments due under the contracthave been paid and any final settlement on termination will bereached under the terms of the contract.
"The piling work is proceeding on siteunder a construction management contract with a local contractor.We do not anticipate this change to have any effect on the completiondate of the project.
"The Ritz-Carlton Grand Cayman Resortis a master planned development comprising 144 acres from SevenMile Beach in the North sound and will include a 365 room Ritz-Carltonhotel, 71 Condominiums, Spa, Convention facilities, five restaurants,a nine hole Greg Norman Golf course, clubhouse and tennis centreand all the other amenities of a Ritz-Carlton Resort."