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If a company and a person who has had an award of compensation made in their favour or has entered into an agreement respecting compensation with the company are unable to settle any claim for damages caused by the company’s operations, pipelines or abandoned pipelines, or any matter respecting the compensation payable if annual or other periodic payments have been selected, the company or the person may serve notice of arbitration on the other of them and on the Minister requesting that the matter be determined by arbitration.