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What are the three major types of negotiated remedies and how do they differ?
Preventive Maintenance
Routine maintenance and servicing of equipment to prevent unexpected breakdowns and failures.
Useful Life
The estimated duration a fixed asset is expected to be economically usable, with normal maintenance, for the purpose it was acquired or constructed.
Economic Value
The measurement of the benefit provided by a good or service to an economic agent.
Value-based Pricing
A pricing strategy where the price is set based on the perceived or estimated value of a product or service to the customer rather than on the cost of production.
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