This is starting to seem very exploitative.
Management needs to consider the concept of liquidated damages or a sunset date on this commencing as a mitigant the opportunity cost foregone by investors with every day this drags on.
The project cannot be held hostage like this by the JV partner to have a free option to execute at their discretion.
This does not reflect well on the due diligence that was purported done on the financial and delivery capability of the JV partner.
This is an extremely poor outcome and poor negotiation.
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