(a) General rule.--On application of a party to the arbitrators, or on submission to the arbitrators by the court under such conditions as the court may order if an application to the court is pending under section 7313 (relating to confirmation of award by court), section 7314 (relating to vacating award by court) or section 7315 (relating to modification or correction of award by court), the arbitrators may modify or correct the award upon the grounds stated in section 7315(a)(1) and (2), or for the purpose of clarifying the award.

(b) Time limitation.--An application to the arbitrators under subsection (a) shall be made within ten days after delivery of the award to the applicant. Written notice of presentation of the application shall be given forthwith by the applicant to all other parties stating that they must serve objections thereto within ten days from the date of the notice. The award as modified or corrected is subject to the provisions of sections 7313, 7314 and 7315.