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CSC Holdings recovers S$600,000 after amicable settlement in 2017 sub-contract dispute
CSC Holdings has recovered a S$600,000 performance bond after amicably settling a dispute over sub-contract works for a stormwater storage tank project by national water agency PUB.
UES Holdings, the main contractor engaged by PUB, had made a demand in 2017 for the bond involving CSC subsidiary L&M Foundation Specialist, after a tussle began over payment claims issued by the CSC unit to UES as well as UES's assessment of the claims and deductions in its interim valuation certificate.
But, as a result of the settlement, the value of the bond will be recovered by L&M Foundation Specialist, along with the balance of the outstanding claims, said CSC's board on Friday.
The board added that it does not expect the settlement to have a material impact on the group's financial results for the year to March 31, 2019.