Trinidad Cement Ltd (TCL) has granted a 90-day waiver to members of the T&T Contractors' Association (TTCA) on its cement price increase announced at the start of this year, according to local press reports.
On 9 January 2013, TCL announced a 9.5 per cent price increaseon ex-factory prices. According to a report in the Guardian Media, TTCA then submitted a proposal to TCL for a temporary waiver on the price hike which has been agreed.
Mervyn Chin, TTCA president, said the 90-day waiver also took effect on 9 January. However, the condition only applies to those members on fixed-price contracts who would have been put at a disadvantage because of the increase. The waiver will expire on 8 April 2013, Chin said.