GRIEVANCES AND ARBITRATION Should any dispute or grievance arise be tween the Employer and the Union or be tween the Employer and its employees, con cerning the application and/or construction of this Contract, the parties agree that such matter shall be adjusted, if possible, by ne gotiations. In the event the dispute or griev ance cannot be resolved by negotiations within fifteen (15) days after the inception of the matter in dispute, then it shall be sub mitted immediately to a Board of Arbitra tion, consisting of three (3) persons, for final and binding decision. Either party may in stitute said arbitration proceedings by giving the other party notice thereof in writing, naming one person to act on his behalf on said Arbitration Board; and the other party shall, within five (5) days after receipt of such written notice, name one person to act on his behalf on said Arbitration Board. These two so selected shall designate the third member or referee of the Board. In the event these two so selected shall be unable, within fifteen (15) days, to agree upon the third member or referee, then the third mem ber of the Board shall forthwith be desig nated under the rules and procedures of the Federal Mediation and Conciliation Service. The Board shall hold hearings and render its decision in writing within thirty (30) days with respect to a dispute under Article I, Section 1.2(d) and within ninety (90) days with respect to any other dispute. The Board’s decision shall be final and binding upon the grievant employee, the Union and the Employer. The decision of any two mem bers of the Board shall be the decision of the Board. If the parties shall agree upon one person to act as Arbitrator, his decision shall be as binding as that of a Board of Arbitra tion. The compensation and expense, if any, of witnesses and the cost of other evidence shall be borne by the party on whose behalf witnesses are called or the evidence is in troduced. Each party shall pay for the com pensation and expenses of the Arbitrator appointed by it. The compensation and ex penses of the third Arbitrator and all other costs incurred in conducting the arbitration proceedings shall be borne equally by the parties hereto.