(1) All controversies which might be the subject of a suit or action may be submitted to the decision of one (1) or more arbitrators, or to two (2) and their umpire, in the manner provided in this subchapter.
(2) Parties may make submission by rule of any court having jurisdiction of the subject matter or by consent, in vacation. The parties making the submission shall, where there is no suit or action pending, by written agreement filed and noted on the record or by an entry on the record, state what matter is submitted.
(3) The rule of the court shall state the time in which the award is to be made and returned. The court may enlarge the time for making and returning an award.