Draft an arbitration clause in a building construction agreement with assumed facts.

Arbitration Clause 'It is further agreed between the parties every difference or dispute which may hereafter arise between the parties hereto or their respective representatives in relation to this agreement or arising there out, whether as to the constructions or operations thereof, or the respective rights and liabilities there under or any thing done hereunder or otherwise, shall be referred to a sole arbitrator in accordance with, and subject to, the provisions of the Arbitration and Conciliation Act, 1996. His award shall be final, accepted and binding on both the parties.'