(1) Without prejudice to any provision of any other enactment or rule of law, the High Court or the Circuit Court may at any time whether before or during the trial of any civil proceedings before it -

(a) if it thinks it appropriate to do so, and

(b) the parties to the proceedings so consent,

by order adjourn the proceedings to enable the parties to consider whether any or all of the matters in dispute might be determined by arbitration.

(2) Where a court makes an order under subsection (1), the adjournment shall be for such period as the court thinks fit.

(3) The parties to the proceedings shall, on or before the expiry of the period referred to in subsection (2), inform the court hearing the civil proceedings concerned whether or not agreement has been reached between the parties that any or all of the matters in dispute should be dealt with by arbitration.

(4) Where such agreement has been reached, the agreement shall be treated as an arbitration agreement for the purposes of this Act.

(5) The court, in respect of an agreement referred to in subsection (4) -

(a) where the agreement relates to all of the matters in dispute, shall by order provide for the discontinuance of the proceedings and may make such order as to the costs of the proceedings as it thinks fit, or