Sec. 8. Notwithstanding the rules of trial procedure, a private judge may receive compensation for hearing a case in an amount and subject to the terms and conditions agreed to by the judge and the parties to the case. A contract for the services of a private judge must provide for the payment of the judge's compensation by the parties. In addition, the contract must include terms and conditions relating to:
(1) the compensation of all personnel; and
(2) the costs of all facilities and materials;
as determined by the clerk of the court that are used in relation to the case and not otherwise covered.