Consider the hazardous soil condition in the example project about claims in an earlier module in this course. With all of the assumptions provided below, estimate the time and cost of the following resolution methods for a contractor:

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Negotiation

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Mediation

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Arbitration

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Dispute Board

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Court

Present your conclusions in table format.

Assumptions:

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Negotiation will take one month and a total of $200$ hours at $$100/$hour with no attorney time.

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None of the approaches involve any travel and travel related expenses

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Dispute review board process will require $100$ hours of company personnel time at $$100/$hour with no attorneys over a $20$ day period.

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Mediation will require $40$ hours of attorneys at $$300/$hour plus $40$ hours of company personnel time at $$100/$hour$,$ and a $$5000$ fee for the mediator.

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Arbitration will take $200$ attorney hours, $400$ company personnel hours plus a $$15,000$ for a single arbitrator and costs for arbitrator hearing rooms. Arbitration will not require any depositions of witnesses. This process will only take one week for a trial but the entire process will take nine months. All of the costs are contained in the hours mentioned here with the addition of the use of expert witnesses, $4$ experts at $$10,000$ each.

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Court will involve $6$ experts at a total cost of $$20,000$ each. The Court fee will be $$30,000.$ There will be $32$ fact witnesses who will need to be deposed. Each deposition will take $8$ hours of deposition time and $8$ hours of preparation time per witness at a cost of $$100/$hour for company personnel, $$300/$hour for an attorney for those same hours plus $$3000$ for each deposition for a court reporter. The trial will take $20$ court days, $10$ hours per day for attorneys at $$300/$hour$.$ The trial will use $$100,000$ of company personnel time. The process will also cost $$10,000$ for beer to reduce stress. The process from start to finish will take three years.

Assuming the contractor is owed $$10,000,000$ and wins each of these processes. Include in your answer, the interest cost of that $$10,000,000$ over the period of the process assuming a $10\%$ simple interest rate and the amount is paid at the conclusion of the process, which seldom really happens.