(1)  The Court or a judge may, at any time, with the consent of all the parties interested, order that any action, cause or matter, or any question or issue of fact arising in any action, cause or matter be referred to an arbitrator, agreed on by the parties, to be tried before that arbitrator.

(2)  For the purposes of subsection (1) , where a party interested is under a disability, the consent of the guardian ad litem or the next friend of that party shall be treated as the consent of that party.

(3)  The award of an arbitrator to whom any action, cause or matter or any question or issue arising in any action, cause or matter has been referred under subsection (1) shall, for all purposes, unless set aside by the Court or a judge, be treated as the verdict of a jury.