(1) If any dispute arises between the Board and any State Government regarding any matter covered by this Act or touching or arising out of it, it shall be referred to the Central Government.
     (2) The Central Government shall endeavour to resolve the dispute by negotiations or conciliation in such manner as may be prescribed.
     (3) Notwithstanding anything contained in sub-section (2), if the Central Government considers, whether before initiating action for resolving a dispute by negotiations or conciliation or at any stage after initiating such action, that the dispute is of such a nature that it is necessary or expedient to refer it to arbitration, the Central Government shall , in such form and in such manner as may be prescribed, refer the matter in dispute to an arbitrator who shall be appointed by the Chief Justice of India.
     (4) The arbitrator may appoint two or more persons as assessors to assist him in the proceedings before him.
     (5) The decision of the arbitrator shall be final and binding on the parties to the dispute and shall be given effect to by them.
     (6) Nothing in the Arbitration Act, 1940 (10 of 1940) shall apply to any arbitration under this section.