(1) An action on a cause of action to enforce an award of an arbitrator is not
maintainable if brought after the expiration of the limitation period fixed by
subsection (2) running from the date on which the cause of action first
accrues to the plaintiff or to a person through whom the plaintiff claims.
(2) The limitation period for the purposes of subsection (1) is--
(3) For
the purposes of this section a cause of action to enforce an award of an
arbitrator accrues on the date on which default first happens in observance of
the award, being the default in respect of which the action is brought.
(4)
In this section,
"arbitration agreement" means an agreement to refer present or future
differences to arbitration, whether an arbitrator is named in the agreement or
not.
(5) This section applies to an award of an arbitrator under any Act
regulations rules by-laws order or scheme, but applies to such an award
subject to the provisions of the Act regulations rules by-laws order or
scheme.