Sec. 6. When an agreement is made according to sections 1 through 5 of this chapter, the parties shall execute bonds. The bonds must contain:
(1) a condition to abide and faithfully perform the award or umpirage;
(2) the name of the arbitrator or arbitrators;
(3) the matters submitted to arbitration for determination; and
(4) an agreement to make the submission a rule of the court designated in the agreement of submission.