Should an impasse be reached in negotiations between the employer and certified employee organization concerning terms and conditions of employment (as provided in § 5-5 hereof), an Impasse Panel consisting of 3 persons shall be selected as follows:The employer and the employee organization shall each select 1 member within 3 days after the request for the convening of the panel. Should there be more than 1 employee organization involved in the dispute, all said employee organizations together shall be limited to selecting 1 member. The 2 members so selected shall select a third member within 3 days of their selection. If the 2 members are unable to agree on the third member, they shall make their selection from a panel maintained by an independent third party agency agreeable to all parties. If the parties are unable to agree on the independent third party agency, the third member shall be selected from a panel maintained by the Federal Mediation and Conciliation Service of the United States Department of Labor. The Chairman of the panel shall be the member selected pursuant to (2) above. The Labor Commissioner shall provide in his rules and regulations for standard rates of compensation for the members of the panel for their services, subject to approval by the Board of Estimates. The cost of Impasse Panel procedures shall be divided equally between the parties. City Code, 1976/83, art. 1, §128(a), (b)(3rd par.) Ord. 68-251