(1) Where any dispute or difference arises between two or more Government interested with respect to-
(a) any advice tendered by the Board under this Act;
(b) any measurers undertaken by any Government interested in pursuance of any advice tendered by the Board;
(c) the refusal or neglect of any Government interested to undertake any measurers in pursuance of any advice tendered by the Board;
(d) the sharing of benefits or financial liabilities arising out of any advice tendered by the Board;
(e) any other matter covered by this Act or touching or arising out of it, any of the Governments interested may, in such form and in such manner as may be prescribed, refer the matter in dispute to arbitration.
(2) The arbitrator shall be person to be appointed in this behalf by the Chief Justice of India from among persons who are, or have been, Judges of the Supreme Court or are Judges of a High Court.
(3) The arbitrator may appoint two or more persons as assessors to assist him in the proceeding before him.
(4) The decision of the arbitrator shall be final and binding on the parties to the dispute and shall be given effect to by them.
(5) Nothing in the Arbitration Act, 1940 (10 of 1940), shall apply to arbitrations under this section.