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.
As used in this chapter: ( 1 1) âArbitrationâ means a process whereby a neutral third person or panel, called an arbitrator or arbitration panel, considers the facts and arguments presented by the parties and renders a decision which may be binding or nonbinding as provided in this chapter.