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 is an alternative dispute resolution (ADR) process in which an agreed-upon person -- the arbitrator -- hears evidence and decides the result much in the same way that a judge would in court. In a car accident case, an arbitrator will decide a number of key questions. Do you recover money damages from the other driver?