We already discussed if we come to a final agreement that:
- The penalty of USD 436,000 due to the delay of the project will be paid by the investor(s); (br> - The payment arrears of USD 50,000 before taxes will be paid by the investor(s); (br> We can again get a postponement for the development and operational delivery of the project. The lump sum for a 2-year extension is USD 4,500 and 1 million Egyptian pounds (approximately USD 53,363). These last 2 amounts must be paid in a reasonable amount of time to prevent the project from being confiscated by the TDA. Fines are non-negotiable. this is part of the (pre)negotiations to move forward. If the land is confiscated, we no longer have a negotiating position and the investor(s) no longer have a project to invest in. It is now essential to have a total budget for the investor as soon as possible in order to be able to finish the project. To avoid delays, I have agreed that:
- The investor requests quotes locally in Marsa Alam for the completion of the resort;
- Our Egyptian lawyer used his contacts in Egypt for a quote for the completion of the resort;
- I myself use my contacts for a quote for the completion of the resort.