Thursday, February 14, 1974
LETTER OF INTENT FOR MASS TRANSIT CONTRACT
To Be Signed Tomorrow
A Letter of Intent to negotiate a contract for the construction
and equipment of the first four stages of the Mass Transit Railway will
be signed by Mr. Philip Haddon-Cave, Financial Secretary and Chairman of
the Mass Transit Steering Group, and issued to the Japanese Consortium
tomorrow (Friday) morning.
Announcing this today, a government spokesman explained that, since
the decision made by the government on December 11, 1973 to seek negotiations
with the Japanese Consortium for the conclusion of a contract, the Mass
Transit Steering Group had held five formal meetings with representatives of
the Consortium to discuss matters pertaining to the Letter of Intent.
"Although these meetings have been spread over a period of two
months," he said, "the discussions, which were held in a cordial atmosphere,
had proceeded steadily and in a businesslike manner, with both sides demon-
strating good faith and affirming their intention to successfully conclude a
contract".
Γ
He added that "the Letter of Intent, which enshrines the government's
stated requirements and establishes the term within which the formal contract
will be negotiated, is a key stage in progress towards the building of the
mass transit railway and marks the penultimate step in the long sequence of
events towards selecting a contractor for the scheme and concluding a contract."
/The Japanese
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