Where a party to this Collective Agreement submits a dispute under the Collective Agreement to an Arbitration Board as aforesaid, notwithstanding the time limits herein before set forth, the parties shall proceed with the appointment of the Arbitration Board and, if the Arbitration Board is satisfied that the irregularity with respect to the time limit has not prejudiced the parties to the arbitration and will not affect the merits of the matter submitted to the Arbitration Board, it may, on its own initiative or on application of any party to the arbitration, declare that the irregularity does not affect the validity of the decision or award of the Arbitration Board; and the declaration is binding on the parties to the arbitration and on any person affected by the decision or award of the Arbitration Board.