43 (1) An employer bargaining agency or an employee bargaining agency may seek a decision through final and binding arbitration to resolve any difference arising from the interpretation, application or administration of any central term of a collective agreement. Application of ss. 48, 49 of the Labour Relations Act, 1995 (2) Sections 48 and 49 of the Labour Relations Act, 1995 apply, with necessary modifications, to and in respect of the employer bargaining agency and the employee bargaining agency for the purpose of obtaining a decision of an arbitrator or arbitration board concerning a matter described in subsection (1). Arbitration by local parties (3) Subsection (1) does not prevent a party to a collective agreement from seeking a decision through final and binding arbitration to resolve any difference arising from the interpretation, application or administration of any term of a collective agreement, including a central term. Jurisdiction of arbitrator (4) If an arbitrator is appointed under subsection 49 (4) of the Labour Relations Act, 1995 to resolve a difference between the parties to a collective agreement arising from the interpretation, application or administration of a central term of the agreement, subsection 49 (4) of that Act does not operate to prevent the appointment of an arbitrator or arbitration board for an arbitration by the central parties under subsection (1) of this section to resolve a difference arising from the interpretation, application or administration of the same central term. Rules for arbitration by central parties (5) The following rules apply with respect to an arbitration referred to in subsection (1): 1. The Crown is entitled to intervene. 2. The arbitrator or arbitration board is authorized to interpret and apply local terms to the extent necessary for the purpose of resolving a difference respecting any central terms at issue in the arbitration. 3. The decision of the arbitrator or arbitration board is binding on the parties to the arbitration and on the school boards and bargaining agents that they represent. 4. The arbitrator or arbitration board may make orders in respect of each of the collective agreements to which a school board and bargaining agent referred to in paragraph 3 is a party. Settlement agreement of central parties (6) An employer bargaining agency is not permitted to enter into a settlement agreement resolving a difference arising from the interpretation, application or administration of a central term without the agreement of the Crown. Effect of decision, etc., by local parties (7) The resolution by the parties to a collective agreement of a difference arising from the interpretation, application or administration of a central term binds only those parties. Conflict (8) In case of a conflict between a decision, order or settlement agreement in an arbitration referred to in subsection (1) (the “central arbitration”) and a decision, order or settlement agreement in an arbitration by the parties to the collective agreement (the “local parties”) with respect to a central term, the decision, order or settlement agreement in the central arbitration prevails with respect to those local parties prospectively from the date on which the decision, order or agreement in the central arbitration is made. General