(Sharecast News) - Education software firm Tribal Group has announced it is now entering a mediation process with Nanyang Technological University (NTU) over continued disputes around its eight-year, £17m contract with the Singaporean institution.
Issues with the NTU contract have been ongoing since mid-2022 after the two parties were in "significant disagreement" over the details of the work involved, as Tribal blamed implementation delays on changing scope and complexity.
The company said the dispute resulted in "substantially increased ongoing costs and lower recognisable revenue" than initially expected.
In March 2023, NTU demanded nearly £6m in damages from Tribal due to "alleged loss, costs and expense", resulting in Tribal seeking legal advice.
However, in a statement on Friday, Tribal said that NTU has now significantly downgraded its demand for damages. "The updated NTU demand is in the amount of SGD17,511,651 and USD377,724 on account of alleged damages, losses, costs and/or expenses. NTU reserves the right to update the quantification of its demand."
Tribal Grp. (TRB)