Hey folks -- need some guidance/advice please.
I am under LOI on a deal, and have been since May 9. There have been a ton of delays in the delivery of information and clarification on very critical pieces of the puzzle. We are at the point where the deal is in jeopardy due to the time delays despite my consistent requests. At this point I have incurred a decent amount of costs between my lawyer and accountant.
The only binding part of the LOI, per norms, is the exclusivity clause. Are my choices at this point limited to walking away or accepting with what I have, or is there some sort of recourse/action that can be taken if the seller is acting in bad faith and intentionally holding information?
For context --from the LOI:
"[Seller name redacted] will permit Buyer access to all properties, books, records, tax filings and documents relating to seller, and, subject to reasonable notice, seller will make its employees (directly or indirectly, very near to Closing date), customers (indirectly) and advisors available for consultation. Until Closing, seller shall operate its business in the ordinary course and consistent with prior practices."
Seller not delivering DD materials
by a searcher
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