The parties have reached an agreement on the judicial process and termination of the previously concluded contract in the case of reconstruction of the New Riga Theatre

On Monday, 9 December, GP “RERE Būve 1” and SJSC “Valsts nekustamie īpašumi” (VNĪ) agreed on the termination of the previously concluded contract. According to the agreement, both parties withdraw the claims brought before the court and terminate the relevant proceedings.

The settlement provides that GP “RERE Būve 1” transfers to the VNĪ the construction site, building materials and dismantled materials necessary for the further reconstruction of the building, within the compromise compensates for the repairs of adjacent buildings and conservation works to be carried out at the site, and reimburses the advance payment for works that are not performed. In turn, the VNĪ pays for the works actually done by the construction company but not yet paid by the customer.
The dispute about the works on the reconstruction of the New Riga Theatre started in the summer of this year when the works were not executed within the originally planned time limits and the parties had a major conflict in a number of project-related issues.