$(15$ pts$)$ Explain in detail:

$($i$)(5$ pts$)$ what are construction change orders

$($ii$)(5$ pts$)$ how they can be asked by the owner and how by the contractor

$($iii$)(5$ pts$)$ what are the obligations of the response by the replying party to a change order

$(20$ pts$)$

$($i$)(10$ pts$)$ Define what is meant by Regulatory Agency, what is its role, and what is the process that regulatory agencies use to create new regulations

$(20$ pts$)$

$($i$)(10$pts$)$ discuss the fixed price contract, what are their advantages and disadvantages for each party, and describe an example of a project with a fixed price contract

$($ii$)(10$pts$)$ discuss the different types of cost reimbursable contract, what are their advantages and disadvantages for each party, and describe an example of a project with a cost reimbursable contract

$(25$ pts$)$

$($i$)(7$pts$)$ Discuss what is Mediation and what is its difference from Arbitration

$($ii$)(8$pts$)$ Summarize $($not in bullets, but with text explaining each item$)$ what are some of the most important rules of Arbitration

$($iii$)(10$pts$)$ Summarize the most important points of a case related to a contract, which went to arbitration or to the court: what was the claim, what were the arguments, what was the decision and the reasoning behind it$.$