Any difference between the parties to, or persons bound by the agreement, or on whose behalf it was entered into, concerning its content, meaning, application or violation, which is not settled to the satisfaction of the parties within twenty (20) teaching days from the date when the Association takes the matter up with the Division or the Division notifies the Association in writing of its desire to have the difference negotiated, shall upon written request of either party be submitted to an arbitration board, consisting of three (3) members. Each of the parties to the dispute, shall within seven (7) days of the date of the written request for arbitration, appoint an arbitrator and shall notify the other party of the appointment. These two (2) arbitrators, within a further period of seven (7) days after their appointment shall meet and select a chairman. Should the two (2) arbitrators fail to agree upon a chairperson within the required seven (7) days either party may request the Manitoba Labour Board to appoint a chairperson. Except as herein provided, the Labour Relations Act shall apply.