--- In AsburyPark@yahoogroups.com, "sandpiper15" <[EMAIL PROTECTED]> wrote:
> Beyond that, hasn't Partners reneged on the redevelopment deal time
> and time again by missing several deadlines? What is keeping the city
> from saying "You broke your end of the deal. It's off. Time to go
> back to the table." Was there some fine print in there that said
> party A could waver on some of the details but party B had to
> strictly adhere to ever line in the plan?
>
===================================================
A very poor deal was entered into. Look in the files section.
(excerpt)
"PENALTIES FOR NON-PERFORMANCE
III. An improved approach to dispute resolution. Default and
remedies section of the 2001 Redevelopment Agreement became
ineffective. The requirement to formally default a party before
getting to arbitration created an environment where both parties
were reluctant to utilize the process. This resulted in an
environment where issues were addressed on an ad hoc basis with
no real ability to document or enforce a negotiated resolution to an
issue. Alternately, an issue was not resolved and lingered and an
unproductive environment was created. Each party became
frustrated with the efforts of the other party. This Agreement
provides a dispute resolution mechanism that has a softer trigger
and a more certain process so that legitimate disputes can be
resolved with a degree of certainty."
Werner
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