4. Waiver of right to object.

A party who knows that-

a.   any provision of this Part from which the parties may derogate. or

b.   any requirement under the arbitration agreement. Has not been-complied with and yet proceeds with the arbitration without stating his objection to such non-compliance without undue delay or, if a time limit is provided for slating that objection, within that period of time, shall be deemed to have waived his right to so object.

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