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 facilitate negotiation and dialogue between disputing parties to help resolve conflicts outside of the court system. Work Environment. Many arbitrators, mediators, and conciliators work for state or local governments or in the legal services industry. How to Become an Arbitrator, Mediator, or Conciliator