Likelihood there is that things will be above board? (4,6)

'that things will be above board?' is the definition.
I know nothing about this answer so I can't judge whether this works.

'likelihood' is the wordplay.
I cannot quite understand how this works, but
'likelihood' could be 'chance' (I've seen this before) and 'chance' is located in the answer.
The remaining letters 'fair' is a valid word which might be clued in a way I don't understand.
This explanation may well be incorrect...

'there is' acts as a link.

Can you help me to learn more?