In this section, “labor dispute” is to be construed broadly and includes any controversy as to: Wages, salaries, hours, or other working conditions; Benefits, including health and welfare, sick leave, insurance, pension, or retirement provisions; Grievances that arise; or Collective bargaining agreements, including: The making or maintaining of any collective bargaining agreement; The terms to be included in it; or Its interpretation or application. If, in a labor dispute between the Administration and any employees described in § 7-601 of this subtitle, collective bargaining does not result in agreement, the Administration shall submit the dispute to an arbitration board. The arbitration board shall consist of three members appointed as follows: One by the Administration; One by the authorized representative of the employees; and One jointly by the Administration and the authorized representative. If, within 10 days after the appointment of the second arbitrator, a third arbitrator has not been appointed, either arbitrator may request the Federal Mediation and Conciliation Service or any other entity specified by contract between the Administration and the authorized representative to furnish a list of five persons, from which the third arbitrator shall be selected. Promptly after receiving the list, the two appointed arbitrators shall determine the order of elimination by lot and, in the determined order, each shall eliminate one name alternately until only one name remains. The remaining person is the third arbitrator. The third arbitrator is the chairman of the board. A majority determination of the board is final and binding on all disputed matters. Each party shall pay 50 percent of the arbitration expenses.