(1) A mediator is to be paid remuneration (by way of fees and allowances) as agreed to by the parties to the dispute.
(2) If the parties to a dispute cannot agree on a mediator's remuneration, the President of the Institute of Chartered Accountants of New Zealand (or a person authorised by the President to do so) must—
(a) fix an amount or several amounts to be paid to the mediator as remuneration, and
(b) specify the amount (if any) that each party is to pay.
(3) Each party must pay to the mediator the amount fixed by the President (or authorised person) and specified as an amount to be paid by that party.