3214

If the term within which the award shall be made is not fixed in the arbitration agreement, the award shall be made within thirty (30) days following the termination of the hearing, and any award made after the expiration of said thirty (30) days shall have no legal effect, unless the parties, by mutual consent, agree to postpone the term within which said award may be made, or ratify any award when same is made after the expiration of the term of thirty (30) days. Any extension of the term or ratification of the award shall be made in writing and shall be signed by all the parties to the arbitration.\nHistory —May 8, 1951, No. 376, p. 896, § 14, eff. 90 days after May 8, 1951.