(1) If a party applies to the circuit court for vacation or modification of an arbitrator’s award issued under this chapter, the court shall review the award as provided in this section or section 5080.

    (2) If a party applies under this section, the court shall vacate an award under any of the following circumstances:

    (a) The award was procured by corruption, fraud, or other undue means.

    (b) There was evident partiality by an arbitrator appointed as a neutral, corruption of an arbitrator, or misconduct prejudicing a party’s rights.

    (c) The arbitrator exceeded his or her powers.

    (d) The arbitrator refused to postpone the hearing on a showing of sufficient cause, refused to hear evidence material to the controversy, or otherwise conducted the hearing to prejudice substantially a party’s rights.

    (3) The fact that the relief granted in an arbitration award could not be granted by a court of law or equity is not grounds for vacating or refusing to confirm the award.

    (4) An application to vacate an award on grounds stated in subsection (2)(a) shall be made within 21 days after the grounds are known or should have been known.

    (5) If the court vacates an award, the court may order a rehearing before a new arbitrator chosen as provided in the agreement or, if there is no such provision, by the court. If the award is vacated on the grounds stated in subsection (2)(a) or (c), the court may order a rehearing before the arbitrator who made the award.

    (6) Other standards and procedures relating to review of arbitration awards described in subsection (1) are governed by court rule.