(a) The declaration or bylaws of a condominium association may require mediation or arbitration of disputes in which the matter in controversy has either no specific monetary value or a value of $10,000 or less, other than the levying and collection of assessments, or that arises out of violations of the declaration, bylaws, or rules and regulations of the condominium association. A dispute not required to be mediated or arbitrated by an association pursuant to its powers under this Section, that is submitted to mediation or arbitration by the agreement of the disputants, is also subject to this Section.
     (b) The Illinois Uniform Arbitration Act shall govern all arbitrations proceeding under this Section.
     (b-5) The Uniform Mediation Act shall govern all mediations proceeding under this Section.
     (c) The association may require the disputants to bear the costs of mediation or arbitration.