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Variation of existing contracts.
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17.—(1) Where a contract for the execution of any work was entered into before the commencement of this Act and is at such commencement not fully carried out, and the person liable under such contract to execute such work claims either or both of the following things, that is to say:—
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(a) that, by reason of the obligations imposed on employers by this Act, a limitation of time contained in such contract for the doing of any particular thing has become unreasonable and should be extended, or
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(b) that, by reason of the said obligations, any particular price or other payment fixed by such contract has become unreasonable and should be increased,
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then and in every such case, such claim shall, in default of agreement between the parties concerned, be referred, on the demand of any such party, to arbitration under this section.
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(2) Where a claim is referred under this section to arbitration, the following provisions shall have effect, that is to say:—
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(a) such arbitration shall be heard and determined by one arbitrator who, in default of agreement between the parties concerned, shall be appointed by the Minister on the application of any such party;
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(b) in the case of a claim for the extension of a limitation of time, the arbitrator shall determine whether such extension should or should not be made and (if he determines that such extension should be made) the amount of such extension;
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(c) in the case of a claim for the increase of a price or other payment, the arbitrator shall determine whether such increase should or should not be made and (if he determines that such increase should be made) the amount of such increase;
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(d) the arbitrator shall be paid such fee for acting as arbitrator as shall, in default of agreement, be fixed by the Minister, and such fee and all other general costs and expenses of the arbitration shall be paid by such one or more of the parties to the arbitration and, if by more than one of such parties, in such proportions as the arbitrator shall direct;
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(e) the arbitrator shall determine how the costs and expenses incurred by each of the parties to the arbitration of or incidental to appearing and being heard thereat shall be borne;
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(f) if the arbitrator determines that a limitation of time should be extended or that a price should be increased, the arbitrator shall amend the contract which is the subject of the arbitration in such manner as he shall think proper in order to give effect to such determination;
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(g) the determination of the arbitrator shall be final and conclusive and shall be binding on all parties concerned.
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