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.
Arbitrators, mediators, and conciliators typically do the following: 1  Facilitate communication between disputants to guide parties toward mutual agreement. 2  Clarify issues, concerns, needs, and interests of all parties involved. 3  Conduct initial meetings with disputants to outline the arbitration process.