The province has finally settled the bill for repairs on Fredericton's Princess Margaret Bridge back in 2010-2011.

SNC-Lavalin was awarded a contract then worth $78.1 million to replace the deck of the bridge, refurbish the substructure and several other major repairs.

But the project ran into delays, and the bridge stayed closed from May into November of 2011, two months longer than scheduled.

The province said the contract had been violated and fined the company $3 million.

SNC-Lavalin countered that the government micro-managed the project, filing more than 200 complaints to the company about design changes.

The province says a lawsuit that resulted has now been settled, and it will pay the company $72.6 million for the work done.

The original repair work on the Princess Margaret Bridge was two months behind schedule in 2011. "The decision to settle with SNC-Lavalin is in the best interest of New Brunswick taxpayers," read a statement from Bill Fraser, the transportation and infrastructure minister.

"By pursuing this settlement, the government was able to avoid ongoing legal costs, avoid the risk associated with further legal action, and achieve a just settlement on behalf of New Brunswickers."

That also lets the work finally be completed, with seismic upgrades and defect repairs scheduled to be finished this summer, by another contractor.

With that added cost, the final bill will still be under the initial contract price, said Fraser. SNC-Lavalin has also confirmed the settlement of the lawsuit.