46Arbitration by agreement

46 Arbitration by agreement S. 46(1) amended by No. 19/1989 s. 8(j)(i)–(iii). (1) If the plaintiff and the defendant in any civil proceeding agree to refer to arbitration the subject of such civil proceeding or such subject and all or any other matters in dispute between the parties, whether such other matters are within the jurisdiction of the court or not, and notify such agreement to the court in writing signed by themselves or their practitioners naming one or two persons as arbitrators, such agreement shall be filed by the registrar, and the court shall order such reference and on such terms as to costs and fees to arbitrators as may be reasonable. S. 46(2) amended by No. 19/1989 s. 8(k). (2) The arbitrators where two are named shall have power in the event of their disagreement to choose an umpire, and the award of such arbitrator or arbitrators or umpire shall unless set aside be binding final and conclusive on both parties; and judgment shall be entered for the plaintiff or defendant in accordance therewith whether the court is sitting or not, and such reference shall not be revocable by either party thereto except by leave of the court. S. 46(3) amended by No. 19/1989 s. 8(l). (3) The court may enlarge the time for making such award, or may with the consent of both parties revoke the reference or order another reference to be made in manner aforesaid. S. 46(4) amended by No. 19/1989 s. 8(m)(i)–(iv). (4) The court may, if it thinks fit, on application to it at the first sitting held after the expiration of one week after the entry of such award, set aside any such award so given as aforesaid, or may refer such award back to the arbitrator or arbitrators or umpire. No. 6117 s. 47. S. 47 (Heading) inserted by No. 24/2008 s. 66. S. 47 amended by No. 19/1989 s. 8(n)(i)–(iv).