If the P. I. becomes unable or unwilling to continue the Project, and a mutually acceptable substitute is not available, LSU and Sponsor each shall have the option to terminate the Project.
If the P. T.S. is not satisfied with the disposition of the grievance by the Board and the P.T.S. intends to submit the matter to arbitration, the P.T.S. shall notify the Board of such intention within fifteen days of receipt of the Board’s disposition. If the parties cannot agree upon an impartial arbitrator within five days from the notification date that arbitration will be pursued, the P.T.S. shall, within ten days from the date that the Board is notified, demand arbitration through the American Arbitration Association in writing in accordance with its rules which shall likewise govern the selection of the Arbitrator. Neither party may raise a new defense or grounds at the arbitration having not previously been raised or disclosed. The decision of the Arbitrator shall be final and conclusive and binding upon employees, the Board and the P.T.S.; subject to the right of the Board or the P.T.S. to judicial review. The lawful decision of the Arbitrator shall be forthwith placed into effect.
