(b) (1) The arbitration award shall be made within the time set by the agreement.

(2) If the agreement does not set a time, a party may petition a court to set the time.

(3) The parties may extend the time for making an award in writing at any time.

(c) The arbitrators shall deliver a copy of the award to each party:

(1) As provided in the agreement;

(2) Personally; or

(3) By certified mail, return receipt requested, bearing a postmark from the United States Postal Service.

(d) A party waives the objection that an award was not made within the time required unless he notifies the arbitrators of his objection prior to the delivery of the award to him.