Granite has been in discussions with ODOT to address design issues and delays on the project due to unanticipated and continuing geotechnical conditions and landslide movement. Granite has been performing its duties under the contract including working with ODOT to determine how to safely and most cost-effectively complete the project. ODOT was fully aware of Granite's ongoing efforts and the company was surprised by ODOT's filing of the Notice.
The DRB comprises a panel of construction industry experts with experience in assessing disputes of this nature. Both parties agreed in the contract to place a large measure of importance on the DRB recommendations.
"Granite Construction Company has never defaulted on a project in the
history of the company. We take this Notice very seriously and intend to
vigorously defend our position and reputation in this matter," said
Granite is one of the nation's leading infrastructure contractors and is
member of the S&P 400 Midcap Index, the FTSE KLD 400 Social Index and
the Russell 2000 Index. Through its wholly owned subsidiary, Granite is
one of the nation's largest diversified heavy civil contractors and
construction materials producers serving public- and private-sector
clients nationwide. In addition, Granite has one of the oldest and most
robust ethics and compliance programs in the industry. In 2011, the
Company was recognized by the
News Provided by Acquire Media