I recently found an investor interested in investing in my project. He is the vice chairman of a company called Four Seas Investment. I met him last week in Kuala Lumpur. I gave my presentation which he liked, and after everything we discussed how it's going to work, and then he told me after their final board meeting they will take a decision whether to invest or not.
He said if everything goes well, I will receive a Letter of Commitment which will include all the points that we discussed. Now I have received the letter, and in that letter there is a point that I will have to pay 50% of the fees for a third party company who will come to Australia for site inspection and due diligence, etc.
The time when I met him I told him that I can't afford to pay that amount, and he said that they can assist me. Now in that document, it says that I have to pay 50%, but it doesn't specify any time frame. Do you think if I sign it and if they decide not assist me and I couldn't pay that amount, I will get in trouble with contract law? After receiving the letter, I have emailed them twice saying I can't afford to pay that amount. and they said they would assist me in every way they can.
He said if everything goes well, I will receive a Letter of Commitment which will include all the points that we discussed. Now I have received the letter, and in that letter there is a point that I will have to pay 50% of the fees for a third party company who will come to Australia for site inspection and due diligence, etc.
The time when I met him I told him that I can't afford to pay that amount, and he said that they can assist me. Now in that document, it says that I have to pay 50%, but it doesn't specify any time frame. Do you think if I sign it and if they decide not assist me and I couldn't pay that amount, I will get in trouble with contract law? After receiving the letter, I have emailed them twice saying I can't afford to pay that amount. and they said they would assist me in every way they can.