(a) General rule.--Unless otherwise prescribed by the agreement:

(1) The arbitrators shall appoint a time and place for the arbitration hearing and cause written notice thereof to be served personally or by registered or certified mail on all parties not less than ten days before the hearing. Appearance at the hearing constitutes a waiver of such notice.

(2) The arbitrators may adjourn the hearing from time to time as necessary and, on request of a party and for good cause, or upon their own motion, may postpone the hearing to a time not later than the date fixed by the agreement for making the award unless the parties consent to a later date.

(3) The arbitrators may hear and determine the controversy upon the evidence produced at the arbitration hearing notwithstanding the failure of a duly notified party to appear. On application by a party the court may direct the arbitrators to proceed promptly with the hearing and determination of the controversy.

(4) The parties and their attorneys have the right to be heard, to present evidence material to the controversy and to cross-examine witnesses appearing at the hearing.

(5) The hearing shall be conducted by all the arbitrators but a majority may determine any issue and render a final award. If, during the course of the hearing, an arbitrator for any reason ceases to act, the remaining arbitrator or arbitrators appointed to act as neutrals may continue with the hearing and determine the controversy.

(b) Record.--On request of a party who shall pay the fees therefor all testimony shall be taken stenographically and a transcript thereof made a part of the record.

Cross References. Section 7307 is referred to in section 7314 of this title.