Contingency - When estimating the cost for a project, product or other item or investment, there is always uncertainty as to the precise content of all items in the estimate, how work will be performed, what work conditions will be like when the project is executed and so on.
An arbitrator is one who delivers a fair judgment to resolve a dispute. The arbitrator's decision may or may not be favorable to one or more parties involved; however, the arbitrator is a neutral third party chosen by the disputing parties in lieu of litigating in court.
Arbitration enables opposing parties to settle a dispute out of court. An arbitrator, working independently or as part of a small panel, holds hearings, reviews evidence and renders decisions.These proceedings are very similar to a trial, but more private and less formal. Travel to neutral sites might be required.arning a stand-alone master's degree or graduate certificate in dispute resolution could also provide relevant training for an arbitration career. Coursework can cover theories of conflict resolution, cultural issues and practical strategies.