(1) A party to a dispute in respect of which there is an arbitration agreement may, subject to the terms of the arbitration agreement, refer the dispute to

(a) any person or institution for arbitration; or

(b) the Alternative Dispute Resolution Centre established under Part IV to facilitate the arbitration.

(2) Where reference is made to a person or institution other than the Centre the procedure and rules shall be as the parties and arbitrators determine.

(3) Where a reference is made to the Centre, the Rules set out in Regulations made under this Act shall apply to the arbitration.