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 are usually lawyers, retired judges, or business professionals with expertise in a particular field, such as construction, finance, or insurance. They need to have knowledge of that industry and be able to relate well to people from different cultures and backgrounds.