The board shall elect a chairman and may adopt rules of procedure. The board may be called into session by the Mississippi Transportation Commission or by a contractor who has a dispute with the Mississippi Department of Transportation which, under the rules of the board, may be the subject of arbitration. The party requesting the board’s consideration shall give notice of the same to each member.
Absent agreement of the parties, the board shall have jurisdiction to hear matters concerning Seven Hundred Fifty Thousand Dollars ($750,000.00) or less per contract without regard to the size of the contract. The parties by mutual written agreement may submit to the board claims in excess of the jurisdictional limit of Seven Hundred Fifty Thousand Dollars ($750,000.00). Absent agreement of the parties, the number of arbitration proceedings regarding monetary issues shall be limited to three (3) per contract.
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