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 to filing a lawsuit, and the arbitrator plays a critical role in settling disagreements. Instead of appearing before a judge in a courtroom, the opposing parties present their case to the arbitrator, whose decision is often final and, only in certain circumstances, cannot be appealed.