(1) A provision in any agreement entered into by any of the persons listed in section 171(2) to exclude or limit the jurisdiction of the Tribunal or the right of any person to invoke that jurisdiction is of no effect.
(2) Without limiting the generality of subsection (1), the Tribunal has jurisdiction in respect of a dispute despite any agreement relating to the matter that provides for—
(a) the submission to arbitration of any dispute or difference; or
(b) the making of an award on the submission to be a condition precedent to any cause of action accruing to a party to the agreement.
(3) Subsection (2)(b) does not apply if a cause of action has accrued or is believed to have accrued to a person and that person has agreed to the settlement or compromise of the claim based on that cause of action.