If a party requests under the law of this state a modification of an award confirmed under 40-16-116 or judgment on the award based on a fact occurring after confirmation:
(1) the parties shall proceed under the dispute resolution method specified in the award or judgment; or
(2) if the award or judgment does not specify a dispute resolution method, the parties may:
(a) agree to arbitrate the modification before the original arbitrator or another arbitrator; or
(b) absent agreement, proceed under the appropriate law of this state governing modification of a judgment.