Hi Eugene,
I will try to answer your question as easily as possible.

A "slabbed" chip is a chip that has been graded by an independent third party who places or seals it in a holder. In addition, this third party grader issues a certificate "swearing" to the grade he/she has placed upon the chip.

An individual who submits a chip for "slabbing" pays a fee for this service predetermined by the parties to the transaction.

Now why do individuals have chips "slabbed"? I believe they do this so they can transfer their individual responsibility for purchase or sale to an unknown third party individual and are able to point to this unknown individual as AUTHORITY.

You see Eugene who can argue with a third party independent AUTHORITY? It's kinda like arguing with a sign in a hotel that informs you check out time is at 3:00 P.M.. Who can argue with a sign??? The hotel employee points to the sign as the "gospel" authority involving check out time. Afterall no one would dare argue with an authoratative sign <lol>. I think you get the idea.

Slabbing is nothing more than a service which eliminates responsibility for an individual who relies upon the decisions of an unknown person instead of their own as to grading a chip. You see he/she now has someone to blame if something goes wrong. You know Eugene we need to blame others instead of taking responsibility for our own actions. It's easier that way.

Hope my explanation helps. Best, Jim