46.—(1) If any agreement (whether made before or after the commencement of this Act) contains a provision which would exclude or restrict—

(a) any liability to which a party to a contract may be subject by reason of any misrepresentation made by him before the contract was made, or

(b) any remedy available to another party to the contract by reason of such a misrepresentation,

that provision shall not be enforceable unless it is shown that it is fair and reasonable.

(2) Subsection (1) shall not affect any right to refer a difference to arbitration.