Arbitration Clause in a agrement

Clause 23: Standing Committee for Settlement of disputes: page 103 If any question, difference or objection, whatsoever shall arise in any way, in connection with or arising out of this instrument, of the meaning of operation of any part thereof, of the right duties or liabilities of either part then, save in so far, as the decision of any such matter, as herein before provided has been otherwise provided for and whether it has been finally decided accordingly, or whether the contract should be terminated, or has been rightly terminated and as regards the rights or obligations of the parties as the result of such termination, shall be referred for decision to the empowered Standing Committee, which would consist of the followings. (i) Administrative Secretary concerned (ii) Finance Secretary or his nominee, not below the rank of Deputy Secretary (iii) Law Secretary or his nominee, not below the rank of Joint Legal Remembrance. (iv) Chief Engineer cum Additional Secretary of the concerned department (v) Chief Engineer Concerned, Member Secretary The Engineer-in-charge on receipt of application along with non refundable prescribed fee, (the fee would be two, percent of the amount in dispute, not exceeding Rs. One lac) Whether this one is the arbitration clause or not ?