26. Objection to substantive jurisdiction of tribunal

(1) An objection that the arbitral tribunal lacks substantive jurisdiction at the outset of proceedings must be raised by a party not later than the time he takes the first step in the proceedings to contest the merits of any matter in relation to which he challenges the tribunal's jurisdiction. A party is not precluded from raising such an objection by the fact that he has appointed or participated in the appointment of an arbitrator.
(2) Any objection during the course of the arbitral proceedings that the arbitral tribunal is exceeding its substantive jurisdiction must be made as soon as possible after the matter alleged to be beyond its jurisdiction is raised. The arbitral tribunal may admit a later objection in either case specified in subsections (1) or (2) if it considers the delay justified.
(3) The arbitral tribunal may rule on an objection referred to in subsections (1) or (2) either as a preliminary question or in an award on the merits. If the parties agree which of these courses the tribunal should take, the tribunal shall proceed accordingly.