(1) The parties to an arbitration may make an agreement in relation to the arbitration (an arbitration agreement ).
(2) An arbitration agreement must:
(a) be in writing; and
(b) set out the information mentioned in subregulation (3) in relation to the arbitration; and
(c) give details of the arrangements agreed by the parties in relation to the payment of the costs of the arbitration; and
(d) include a statement to the effect that each party agrees to pay his or her agreed share of the costs of the arbitration within 28 days, or another specified period agreed by the parties and the arbitrator, after an award has been made; and
(e) be signed by each party to the arbitration.
(3) For paragraph (2)(b) the information is as follows:
(a) the name, address and contact details of each party to the arbitration;
(b) the name of the arbitrator;
(c) the date, time and place at which the arbitration is to be conducted;
(d) the issues to be dealt with in the arbitration;
(e) the estimated time needed for the arbitration;
(f) information about how the arbitration will be conducted (for example, information about the exchange of documents and witness statements, scheduling and receiving expert evidence);
(g) the circumstances in which the arbitration may be suspended or terminated;
(h) the estimated costs of the arbitration, including the costs of any disbursements that may be incurred in respect of the arbitration (for example, hire of a venue for the arbitration).