Nova construction ltd., a commercial construction company, and Land Lease ltd, owner of prestigious land in the center of Kingston entered an agreement pursuant to which Land Lease will demolish the existing building on the land so that Nova can begin work constructing a new skyscraper. The contract provides as follows:
Clause 16- This agreement is conditional on the demolition of the existing building on the site by Land Lease Ltd by 5 p.m. Friday 16 the December, 2014.â€TM
As of December 15th, 2014 the existing building had not been demolished by Land Lease Ltd. It is expected that demolition will take place in one monthâ€TMs time due to an unforeseen delay.
Land Lease wish to continue with the contract even if it means construction will be delayed by a month. Nova wish to end the agreement because they believe that they have underestimated their profit margin on the project.