(a) When arbitration has been invoked in accordance with this subchapter, the parties shall within five days mutually select a single arbitrator and each party shall state its final offer on all disputed issues. If the parties fail to select an arbitrator within five days, they shall request the services of the American Arbitration Association for the appointment of an arbitrator.
(b) Within 90 days after the appointment of the arbitrator or another period of time agreed upon by the parties, he or she shall hold a hearing and shall decide all disputed issues within his or her jurisdiction as defined by this chapter, and this award shall become an agreement of the parties.