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.
The process of arbitrator is a faster, simpler and less expensive alternative to litigation. The parties involved in a dispute must consent to arbitration and the arbitrator(s) to be used may be agreed on by the parties or nominated by an independent body. Who can become an arbitrator? Anyone can become an arbitrator. While many arbitrators work in the legal profession, many do not and come from various professional and technical backgrounds; arbitration is a secondary profession. The arbitrator has a judicial role in listening to the facts and evidence presented by the parties, applying the relevant law and issuing a final award.