(1)  The person appointed as a mediator shall, prior to the conduct of mediation, disclose in writing to the parties regarding any circumstance or potential circumstance, personal, professional, financial, or otherwise, that may constitute any conflict of interest or that is likely to give rise to justifiable doubts as to his independence or impartiality as a mediator.

   (2)  During the mediation, the mediator shall, without delay, disclose to the parties in writing any conflict of interest, referred to in sub-section (1), that has newly arisen or has come to his knowledge.

   (3)  Upon disclosure under sub-section (1) or sub-section (2), the parties shall have the option to waive any objection if all of them express in writing, which shall be construed as the consent of parties.

   (4)  Upon disclosure under sub-section (1) or sub-section (2), if either party desires to replace the mediator, then, in case of—

   (i)  institutional mediation, such party shall apply to the mediation service provider for termination of the mandate of mediator;

   (ii)  mediation other than institutional mediation, such party shall terminate the mandate of mediator.