(1) A collaborative law participation agreement must satisfy all of the following requirements:

    (a) Be in a record.

    (b) Be signed by the parties.

    (c) State the parties' intention to resolve a collaborative matter through a collaborative law process under this act.

    (d) Describe the nature and scope of the matter.

    (e) Identify the collaborative lawyer who represents each party in the process.

    (f) Contain a statement by each collaborative lawyer confirming the lawyer's representation of a party in the collaborative law process.

    (2) Parties may agree to include in a collaborative law participation agreement additional provisions not inconsistent with this act.