Do not spend too much time preparing for the negotiations.
Cut the negotiations short.
Only negotiate major items.
Postpone the negotiations.
Sometime the time is simply not right for the proposal to be accepted at a particular moment, and the best course of action might be to put the proposal on hold until a more favorable moment. Every effort is done after evaluation of the returns.
Discover the root of problem, get a favorable moment and then proceed with negotiation.
With reference to this question, you are aware that the project might be cancelled so there is no point in setting up a negotiation session with the subcontractor. Thus it make sense to postpone the negotiations until you know fate of your project so that you do not waste your and subcontractor's time and build some unnecessary expectations. The other 3 options are not suitable. Hope this helps.
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