(1) A party to any agreement may with the consent of the other party submit any dispute arising out of that agreement to mediation by an institution or a person agreed on by the parties.

(2) A submission to mediation may be made by writing, telephone, or other form of verbal communication, fax, telex, e-mail or any other electronic mode of communication and shall briefly state the nature of the dispute.

(3) A submission to mediation through telephone, or any other verbal mode of communication shall, unless the parties agree otherwise, be confirmed in writing and shall state the names, addresses including e-mail addresses and telephone numbers of the parties and in brief the nature of the dispute.

(4) Mediation proceedings commence when the other party accepts the invitation for mediation.

(5) An acceptance of an invitation for mediation may be by a letter, telephone, or other form of verbal communication, fax, telex, or e-mail or other mode of electronic communication.

(6) An acceptance by telephone or any other verbal means shall be confirmed in writing but a failure to confirm an acceptance in writing shall not invalidate the proceedings.

(7) Failure by the other party to accept the invitation to mediation within fourteen days after receipt of the invitation or within the period of time specified in the invitation shall be considered to be a rejection of the invitation to mediation.