RE: A correctly drafted LOI18 Jul 2019 10:45
Confidentiality clause/s within the document may prevent the disclosure of precise timelines, imv. Given that we are not privy to and nor do we have any right to be privy to the document, then why would we have a right to the confidentiality clause/s?
To be told there is an extension is proof enough for me that timelines are being adhered to - otherwise the use of the word "extension" wouldn't have been necessary. Had the use of "extension" not been applicable (i.e. no time cap) it would have read like a poorly drafted LOI - in law, and in the management of "all risks". If say the LOI had a 30 day timeline, then for the purpose of legal binding, it would have required renewal upon expiry of the timeline. If say the current extension is for 15 days and the timeline is due to expire, then a further extension (new timeline) would have to be stated - precise date/number of days - to be enforceable in law. Reads to me like the BoD have this covered, and rightly so.