(a) An arbitration award shall be in writing and signed by the arbitrators joining in it. The arbitrators shall deliver a copy to each party personally or by registered mail, or as provided in the agreement.

(b) An award shall be made within the time fixed by the agreement or, if not so fixed, within such time as a court orders. The parties may extend the time in writing either before or after the expiration of an agreed or ordered time. A party waives the objection that an award was not made within the time required unless he or she notifies the arbitrators of his or her objection before the award is delivered to him or her. (Added 1985, No. 95, § 2.)