(1) At least 7 days before the mediation hearing date, each party shall submit to the mediation clerk 5 copies of the documents pertaining to the issues to be mediated and 5 copies of a concise brief or summary setting forth that party’s factual or legal position on issues presented by the action. In addition, 1 copy of each shall be served on each attorney of record.

  (2) Failure to submit the materials to the mediation clerk as prescribed in subsection (1) shall subject the offending party to a $60.00 penalty to be paid at the time of the mediation hearing and distributed equally among the mediators.