Figure expected 65-weeks after construction completion
The Infrastructure Minister says the final cost of the Liverpool Ferry Terminal is still not known.
Tim Crookall says, due to the type of contract the project was carried out on, the final price tag won't be known until 65 weeks after completion.
Recent estimates put the figure at upwards of £70-75 million.
Responding to a Tynwald Question for Written Answer, Minister Crookall says the construction was carried out on a 'Target Cost' contract, where by the contractor estimates the project cost, including overheads and preliminaries, at tender stage.
"Adjustments to the Target Cost can occur during the contract project through compensation events." he says.
"Final payment is assessed by the Project Manager post-completion, with mechanisms in place for dispute resolution if the assessment is contested."
You can view the Tynwald Question for Written Answer HERE.
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