The parties shall submit preliminary written statements to the arbitration board within sixty days after the convening of the first meeting of the arbitration board. The arbitration board shall fix the time and place for a hearing which shall commence not more than seventy-five days after the convening of the first meeting of the arbitration board. The board shall give each party written notice of the hearing by certified mail, at least ten days in advance of the hearing, unless the parties waive such notice.