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.
This is also not a uniquely American idea. For example, there is an English organization called the Institute of Family Law Arbitrators, which is related to the Chartered Institute of Arbitrators, and there is Canadian law that provides for family law arbitration as well.he American Academy of Matrimonial Lawyers drafted a Model Family Law Arbitration Act in 2005 and provides a list of arbitrators who have met their requirements.