Answer:- The bug is of high severity. So we can send the application to the client and find out the priority of the feature having bug. if its priority is low, then we can hide that feature otherwise we should:-
1.explain the situation to client and ask some more time to fix the bug.
2.If the client is not ready to give some some time then analyse the impact of defect/bug and try to find workarounds for the defect and mention these issues in the release notes as known issues or known limitations or known bugs. Here the workaround means remeady process to be followed to overcome the defect effect.
3.Normally this known issues or known limitations(defects) will be fixed in next version or next release of the software