Qumak agreed to conditions of settlement on the ISOK case

Qumak agreed with the Ordering Party on a way of ending a dozen-month dispute related to a contract on performing a project, building and implementing an IT guarding system for the country from extraordinary threats – ISOK system. The Company shall provide the Ordering Party – National Water Management Authority and Institute of Meteorology and Water Management – results of the works performed so far and shall complete the project.

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Settlement discussions ended with specifying conditions of continuing the project, in particular providing the Ordering Party the products performed so far and continuation of works suspended for the time of the dispute. All products described in the Settlement are to be provided to the Ordering Party before the end of July 2018. After this deadline the ISOK system enters into a stage of a 5-year warranty provided by Qumak.

 

– Reaching agreement in this long lasting and complex dispute is an effect of a good will, perseverance, and at the same time a hard work of all persons engaged, on the side of Qumak as well as on the side of the Ordering Party. The set rules shall allow completing the project in a short period of time, and its products shall be launched in a production environment and made available to users. The Company shall receive back its means invested in the execution of the project, as well as what is nonetheless important shall prove that is a reliable partner ready to execute complex IT undertakings – underlines Sławomir Połukord, President of Qumak S.A.

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Thanks to the signed settlement it will be possible to complete the project and make it available to users as well as recovering by Qumak means invested in its execution.

Effect of settlement negotiations is a signed by the Parties content of a Settlement document, which – after receiving positive opinions of an institution supervising KZGW and IMGW as well as Supervisory Board of Qumak S.A. – shall be concluded as a court settlement. Intention of the Parties is conclusion until the end of January 2018.

 

The signed settlement provides that Qumak shall receive remuneration for its performance, constituting an equivalent of a remuneration for the 5th last stage of the project, i.e. PLN 28.3 million gross. Stages 1-4 had been received and settled by the Ordering Party before the dispute started.

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Andrzej Szczęka
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