The Colombian Chamber of Infrastructure, led by Juan Martín Caicedo, issued a statement on Tuesday in which it asked the contracting entities for works to update construction budgets before contracting, as well as implement strategies to “guarantee the successful completion of works in progress”.
The reason why the union issued this statement is that the costs to build civil works have increased a lot in recent months. In fact, the CCI highlighted that according to the latest report of the Cost Index of the Construction of Civil Works (Icociv), the materials for these projects have increased 8.56%.
The Chamber suggested that the contracting entities review and adjust, according to the market, the list of supplies and prices prior to the contracting of new projects. Likewise, it recommended incorporating price readjustment formulas in the contracts for their proper management.
These adjustments must be made to the extent that the new costs affect the execution of the projects, given that the margins contemplated in the structuring were exceeded “for market, geopolitical and financial reasons.”