Supplier may submit dispute to arbitration.
8.—(1) Subject to any written contract, where there is a dispute between a supplier and a purchaser on any matter relating to or affecting the payment of, or the purchaser's obligation to pay, an interest penalty under this Act, the supplier may submit the dispute to arbitration by an arbitrator appointed by agreement between the parties or, in the absence of such agreement within 14 days after either party has given to the other a written request to concur in the appointment of an arbitrator, appointed by the President of the Law Society of Ireland or such other person as the Minister may prescribe.
(2) The Minister may make regulations—
(a) prescribing a person to appoint an arbitrator for the purposes of subsection (1),
(b) modifying the provisions of the Arbitration Acts, 1954 and 1980, in their application to arbitration under this Act, or
(c) prescribing additional or other provisions in relation to such arbitration.
(3) Subject to any regulations made under subsection (2), the Arbitration Acts, 1954 and 1980, shall apply to and in relation to an arbitration under subsection (1).