Such number of persons as may be appointed by the Lord President of the Court of Session, after consultation with the Secretary of State, shall form a panel of persons from whom any arbiter appointed, otherwise than by agreement, for the purposes of an arbitration under and in accordance with the provisions of the Sixth Schedule to this Act shall be selected.

The panel of arbiters constituted under the foregoing subsection shall be subject to revision by the Lord President of the Court of Session, after such consultation as aforesaid, at such intervals not exceeding five years, as the Lord President and the Secretary of State may from time to time agree.

The remuneration of an arbiter appointed as aforesaid by the Secretary of State shall be such amount as is fixed by the Secretary of State, and the remuneration of an arbiter appointed by the parties to any such arbitration shall, in default of agreement between those parties and the arbiter, be such amount as, on the application of the arbiter or of either of the parties, is fixed by the auditor of the sheriff court, subject to appeal to the sheriff.

The remuneration of an arbiter, when agreed or fixed under this section, shall be recoverable by the arbiter as a debt due from either of the parties to the arbitration, and any amount paid in respect of the remuneration of the arbiter by either of those parties in excess of the amount (if any) directed by the award to be paid by him in respect of the expenses of the award shall be recoverable from the other party to the arbitration.