(1) Except as otherwise provided in subsections (2) and (3), a party to an agreement to arbitrate or to an arbitration proceeding may waive or the parties may vary the effect of the requirements of this act to the extent permitted by law.

    (2) Before a controversy arises that is subject to an agreement to arbitrate, a party to the agreement may not do any of the following:

    (a) Waive or agree to vary the effect of the requirements of section 5(1), 6(1), 8, 17(1) or (2), 26, or 28.

    (b) Agree to unreasonably restrict the right under section 9 to notice of the initiation of an arbitration proceeding.

    (c) Agree to unreasonably restrict the right under section 12 to disclosure of any facts by a neutral arbitrator.

    (d) Waive the right under section 16 of a party to an agreement to arbitrate to be represented by a lawyer at any proceeding or hearing under this act, but an employer and a labor organization may waive the right to representation by a lawyer in a labor arbitration.

    (3) A party to an agreement to arbitrate or arbitration proceeding may not waive, or the parties may not vary the effect of, the requirements of this section or section 3(1) or (3), 7, 14, 18, 20(4) or (5), 22, 23, 24, 25(1) or (2), 29, 30, or 31.