We are working on a project that has already been a month delay (due to change requests from client.) After we complete our work include these change requests, we found a performance degrade issue (it takes 1.5 more seconds to book a car.) This issue might prevent us from releasing this new system to our client.
I found out this issue early in the morning and sent out an email to everyone involve (internal) right after explaining that it is a complex issue and will take a month to fix it; an estimate from engineers is 2 weeks so I put one month.
I will have a meeting with our client next week but I wanted to have a meeting with them tomorrow (Friday) to let them know about this issue. Should I schedule this meeting ASAP? How can I handle this situation with our client?