(1) Where a court before which an action is pending is of the view that the action or a part of the action can be resolved through arbitration, that court may with the consent of the parties in writing, despite that there is no arbitration agreement in respect of the matter in dispute, refer the action or any part of the action for arbitration.

(2) A reference under subsection (1) shall state

(a) the reasons for the reference;

(b) the nature of the dispute;

(c) the monetary value of the claim; and

(d) the remedy sought and shall have attached copies of the pleadings and any other documents the court considers relevant to it.

(3) Where at the time of reference under this section pleadings are closed, the pleadings shall be deemed to be the claim, defence, reply, counterclaim and defence to counterclaim as the case may be in the arbitration proceedings.

(4) For the purpose of a reference under this section the plaintiff in the original action shall be the claimant and the defendant shall be the respondent in the arbitration.

(5) Where in any action before a court the court realizes that the action is the subject of an arbitration agreement, the court shall stay the proceedings and refer the parties to arbitration.