Please walk me through: ABC Corporation, a reputable software development company, entered into a contract with XYZ Healthcare, a major healthcare provider, to develop a custom software solution for managing patient records. The contract specified a fixed timeline, milestones, and payment terms. Both parties were enthusiastic about the collaboration, and the project commenced with high expectations.

As the project progressed, unforeseen challenges emerged. The development team at ABC Corporation encountered technical difficulties that were not anticipated during the initial project assessment. This led to delays in meeting the agreed$-$upon milestones, pushing the project timeline beyond the originally specified completion date, in breach of the plain language of the contract.

ABC Corporation must decide how to handle the situation ethically. ABC has identified the three following options to attempt to resolve the dilemma:

Full Disclosure and Renegotiation: ABC Corporation could fully disclose the challenges faced, propose an extension to the timeline, and request a renegotiation of the contract terms to attempt to secure fair compensation for the extra work.

Mitigate Without Disclosure: ABC Corporation could attempt to mitigate the technical challenges without fully disclosing the extent of the difficulties to XYZ Healthcare. This might involve working extra hours or reallocating resources to meet the original timeline without requesting additional compensation

Cancel the Contract: ABC Corporation could consider canceling the contract due to unforeseen difficulties, potentially facing legal consequences and damage to its reputation.

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Please discuss the following for each of the three options:

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I. Advantages of choosing this option

II$.$Disadvantages of choosing this option

III. Ethical Considerations of this option

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Based on your assessment of each option, make a recommendation on what ABC Corporation should do$,$that will be presented to its Board of Directors. Your assessment and recommendation can be in bullet$-$point format.