(1) In reckoning a period of time for the purposes of a limitation period specified by the Statutes of Limitations, the period beginning on the day on which an agreement to mediate is signed and ending on the day which is 30 days after either -

(a) a mediation settlement is signed by the parties and the mediator, or

(b) the mediation is terminated,

whichever first occurs, shall be disregarded.

(2) The mediator in a mediation shall inform the parties in writing of the date on which the mediation ends.