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Wed December 08 2021

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BAM reaches €85m settlement on NATO HQ claim

5 Dec 14 The BAM consortium building NATO's new headquarters in Brussels has reached an agreement with the Belgian Ministry of Defence on a claim for additional costs and time.

image by SOM + Assar Architects
image by SOM + Assar Architects

The agreement provides for an additional payment of €85m (£67m) to BAM Alliance and its building partners as compensation for additional works and services and foresees completion of the work in summer 2016.

The amount has no effect on BAM’s previously published profit outlook for 2014, as it relates in part to expenses of non-BAM companies building partners and in part to future additional measures. The part that relates to BAM for 2014 is in line with the earlier forecast.

BAM Alliance started the construction of the new NATO headquarters opposite the current headquarters in October 2010. The original contract value was approximately €460m and the claim was submitted at the end of last year.

BAM said that it is satisfied that the agreement provides a good basis to complete the project within the newly agreed term (mid-2016) and budget.

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