A contractual dispute is threatening to derail Paphos marina following a demand by the contracting authority that the initial down payment by the consortium is submitted by November 10.

The marina contracting authority is demanding that the initial down payment (or contract deposit) by the consortium – that landed the contract for the Paphos marina – be submitted by November 10, something that has caused a commotion in the town particularly after their refusal to grant them a small time extension.

The Paphos Coordinating Committee of Parties and Organisations (SEKO), under the chairmanship of Paphos Mayor Fedonas Fedonos, was set to meet on Wednesday to discuss the issue.

The Paphos Chamber of Commerce and Industry and Association of Large Developments president, Andreas Demetriades, called on both sides involved to refrain from actions that would entail appeals and legal proceedings.

The company that has won the contract for the Paphos marina has, in turn, explained that it has secured the €125 million required for the project but that the extension it requires is primarily due to banking conveniences. It did, however, say that it would by November 10, submit all the necessary proof that it has secured the capital for the project and by right in a bid to remove any doubts over the future of the marina.