A stipulation filed prior to trial in any civil case pending in the superior court, in which all of the parties or their attorneys agree to submit the case to arbitration, shall, upon approval of the court, be considered an agreement in writing to submit to arbitration, within the scope of N.H. Rev. Stat. § 542:1. Filing of the stipulation shall stay the trial of the suit until arbitration has been had in accordance with the terms of the stipulation. Arbitration proceedings shall be governed by applicable provisions of this chapter except as otherwise provided in the stipulation. In any case submitted to arbitration under this section, there shall be either one or three arbitrators, whose fees and expenses shall be fixed and paid by the court. However, if the court is of the opinion that the case only warrants one arbitrator, but the parties elect to have three, then the court shall pay the fees and expenses of only one arbitrator, and the parties shall pay the fees and expenses of the other two, as ordered by the court.