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Please furnish a summary of the obligations, responsibilities, and time limitations imposed on those parties required to serve notice of the defect and those parties receiving the notice of defect. Discuss both the positive and negative aspects as it relates to both parties concerning the mutual exchange of evidence, the right to inspect the property, destructive testing, the contractors failure to take any action, the contractors failure to honor an agreement to make repairs, and the time limits to complete promised repairs. Finally provide a conclusion regarding the effectiveness of this statute and its benefits if any to the construction industry and the homeowner.