News & Opinion

ICT sets new Deadline for Commencement of Works in Concessions

ICT sets new Deadline for Commencement of Works in Concessions

The Board of Directors of the Costa Rican Institute of Tourism, by agreement taken on November 15, sets a deadline to start construction works on concessions granted in the Maritime-Terrestrial Zone.

By means of said agreement that has been published in La Gaceta, a definitive deadline is set for the beginning of the works of the project that the concessionaire offers to execute, under penalty of initiating the procedure for canceling the concession, which must be up to 60 months of the initial term of the concession, counted from the moment the concession contract is signed, as long as the concession area has the basic services of electricity, drinking water and connectivity.

In the case of concessions with a term of less than twenty years for the start of works term, the fourth part (25%) of the term for which the concession is granted will be taken as a reference.

By Alberto Acuña


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