What will be the effect of death of either party on Arbitration agreement?

Section 40 of Arbitration and Conciliation Act - Arbitration agreement not to be discharged by death of party thereto—(1) An arbitration agreement shall not be discharged by the death of any party thereto either as respects the deceased or as respects any other party, but shall in such event been forceable by or against the legal representative of the deceased. (2) The mandate of an arbitrator shall not be terminated by the death of any party by whom he was appointed. (3) Nothing in this section shall affect the operation of any law by virtue of which any right of action is extinguished by the death of a person.