Unless the parties agree otherwise, arbitration proceedings under ORS 742.504 shall be conducted as follows:
(1) Parties to an arbitration proceeding shall submit the dispute to arbitration by a panel of three arbitrators. The panel shall consist of one arbitrator chosen by each party and one arbitrator chosen by the two arbitrators previously chosen to sit on the panel.
(2) An arbitration proceeding shall be conducted under local court rules in the county where the arbitration is held.