I am starting an internet business, and I brought a partner in to handle all the techie side of things. Verbal agreement only, which I now realize was not the smartest move.

He has failed to provide the product that he promised, and my business launch has been delayed twice already, and appears will be delayed a third time, since the product still hasn't left his development queue. I have tried to be patient, but it has been nearly a year since promised delivery.

My question is, what is required of me to terminate the partnership and find another party to complete the project? I expect I will need to compensate him for the work already put in, though I am not sure that it will be a usable platform for whomever picks up the project. Am I allowed to prorate the compensation based on my lost time on this project?

Any help would be greatly appreciated.