A more thorough explanation:

Definition: Appraisement refers to the process of determining the value or worth of something. It can also refer to a method used for resolving the amount or extent of liability on a contract when the issue of liability itself is not in dispute.

For example, if you want to sell your car, you might get an appraisement to determine its value. This will help you set a fair price for the car. In the context of a contract, appraisement can be used to determine how much money one party owes another party.

Unlike arbitration, which is a formal legal process, appraisement is an informal determination of the amount owed on a contract. It is not a quasi-judicial proceeding, which means that it does not involve a judge or other legal authority.

Overall, appraisement is a useful tool for determining the value of something or resolving disputes related to contracts.