If no agreement is reached within the period prescribed by Section 34-20a-7, each party within five days after the expiration of such period shall name one individual
to serve as an arbitrator. Each party shall furnish written notification of the name and address of its arbitrator. The two arbitrators within 10 days after their selection shall make application
to the Federal Mediation and Conciliation Service for a list of seven names from which
they shall name the third arbitrator who shall serve as chairman of the arbitration
panel. The third arbitrator shall be chosen within five days after receipt of the list
of arbitrators from the Federal Mediation and Conciliation Service with each party
alternately striking one name until six names are stricken. The remaining unstricken name shall serve as the third member of the arbitration
panel. Formal arbitration shall commence within four days after selection of the third
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