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.
late 14c., from Old French arbitre or directly from Latin arbiter one who goes somewhere (as witness or judge), in classical Latin used of spectators and eye-witnesses, in law, he who hears and decides a case, a judge, umpire, mediator; from ad- to (see ad-) + baetere to come, go..