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.
Qualifications for Becoming an Arbitrator. Arbitration, commonly called alternative dispute resolution, is an alternative method of conflict resolution for parties attempting to settle disputes outside of a court.Arbitrators are often called mediators or legal specialists.rospective arbitrators wishing to practice in states where a law degree is not required will need to hold at minimum a bachelor's degree. If a specific law major is not required, future arbitrators should have training in conflict resolution or alternative dispute resolution.