(a)
(1) The arbitrators and umpire, if there is one, shall meet at such convenient times and places as may be necessary, of which the parties shall have reasonable notice. They shall hear such evidence as either party may adduce.
(2) They shall have power to administer oaths.
(3) They shall make their award in writing, stating therein the time when it is made, and shall sign it.
(4) When the award is made out, one (1) copy shall be delivered to each of the contending parties. The original shall be returned to the court, and on it the arbitrators shall note the time of delivering a copy to each party.
(b) If the award is made out and returned, and copies delivered ten (10) days before the term of court next succeeding the delivery, the award shall be entered of record and made the judgment or decree of the court unless, on exceptions filed, the award shall be set aside.
(c) No award shall be set aside for the want of form. However, courts shall have power over awards on equitable principles as heretofore.
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