ยง 7508. Award by confession. (a) When available. An award by confession may be made for money due or to become due at any time before an award is otherwise made. The award shall be based upon a statement, verified by each party, containing an authorization to make the award, the sum of the award or the method of ascertaining it, and the facts constituting the liability. (b) Time of award. The award may be made at any time within three months after the statement is verified. (c) Person or agency making award. The award may be made by an arbitrator or by the agency or person named by the parties to designate the abitrator.