Ross57,
Again, and I say it to all who, as yet, have not latched on to the various issues at hand... People have to read the relevant provisions... ..As regards the issue you raise about 35%, or only 10% etc... I'll refer you to the actual provision (specifically 12.2(F)(2)) (read it as many times as is necessary.. lot of legal jargon). I posted the relevent provision some 2 days ago. Cosmo talked about an issue this morning... the answer lies in the wording of the provision. So did Hardmano (I think it was H..otherwise I apologise) raise an issue this mornig... again, the answer will be found once the relevant provision is read and the procedures understood.
Once you've read it and understands the operation thereof, you'll notice all the many little "hurdles" that must be met, in the exact, chronological order prescribed in the provisions. Failure on part of a JV partner to act/proceed exactly in accordance with those wording as it is drafted will result in a "shortcoming" or non-compliance. This, I'm sure is what FAR's case is based on. I've highligted previously where, going by the provisions" COPS non-compliance lies. As for the 35% issue. Each party, if they want to pre-empt MUST PREEMPT FOR THE FULL 35% FROM OUTSET! See 12.2(F)(2). If both pre-empted for the 35%, only then will portionality (25%/10%) come into play.
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Ross57, Again, and I say it to all who, as yet, have not latched...
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