RE:RE:In preparation for arbitration or for a settlement Excerpt;
In order to mitigate cost, schedule and environmental risk while the project was in active construction, Coastal GasLink LP advanced without prejudice payments to SAEG which Coastal GasLink LP now seeks to recover via set off. By agreement among the parties, the scope of the arbitration is limited to damages for project work completed prior to December 29, 2022. In November 2023, SAEG filed materials purporting to seek damages in excess of $1.1 billion. Coastal GasLink LP continues to dispute the merits of SAEG’s claims and to assert its right to set off.
So was the advanced monies not recorded as Rev & thus Income. Is it being held on the balance sheet in some capacity as unrealized Revenue?