The LMC shall arrange for services of mediation, fact finding and arbitration as an integral part of its service, which services shall be in charge of the Administrative Director. Such facilities of mediation, fact-finding and arbitration shall be available upon agreement of the parties to a difference or disagreement. In any matter that is to be arbitrated, a stipulation shall be signed by both parties clearly defining the issue or issues to be decided and a statement to the effect that the decision will be accepted by both parties as final and binding.
(1952 Code § 3-37-6)