The contracts that are out in Cape Verde are not much different than similar contracts in the UK. Reading the arbitration documents it is embodied in them the following information
1)You have to lose objective interest ( that means the reason you originally bought)
2) You have to have a concrete reason for the lose of interest , which is said in these documents to be the delay.
3) you have to sight that the developer has not signed the transfer documents on the date that completion was due.

These Three things are necessary to convert the contract into a definitive contract which can then be cancelled.
The delay is always present and can not be erased!!

Tecnicil have reacted badly to this cancellation and A&M ( for once) confirmed this is the way and other sources have also confirmed this is the way. This also the way you cancel similar contracts in the UK

Rick, Good Luck with this one I hope Justice can be served here, as I'm sure EVERYONE knows who is at fault and the misery it's caused ....