If the arbitration agreement provides a method of appointment of arbitrators, this
method shall be followed. In the absence thereof, or if the agreed method fails or for any reason cannot be
followed, or when an arbitrator appointed fails or is unable to act and his successor
has not been duly appointed, the court on application of a party shall appoint one
(1) or more arbitrators. An arbitrator so appointed has all the powers of one specifically named in the agreement.
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