Allocation of costs is the transfer of costs from one cost item to one or more other cost items. Allowance - a value in an estimate to cover the cost of known but not yet fully defined work. As-sold estimate - the estimate which matches the agreed items and price for the project scope. B
Arbitrator Disclosure. Arbitrator disclosure is the cornerstone of FINRA arbitration, and the arbitrator's duty to disclose is continuous and imperative.
Since the process is non-binding, no party has given up any constitutional rights by engaging in this type of arbitration. Contractual arbitration is a legal process by which a dispute arising from or related to a contract is resolved. It is based on a pre-dispute agreement between the parties. In contractual arbitration, the parties have agreed pursuant to an arbitration provision in their contract that in the event of a dispute, the matter will be resolved by arbitration. In most cases, arbitration related to a contract is legally binding.