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.
The function of the arbitrator is similar to judge in court. The arbitrator must listen to and read the evidence presented during the arbitration hearing, make rulings on such things as procedure and listen to the arguments presented by each of the parties at the end of the evidence.