5-401.   Validity of arbitration agreement.(a) A written agreement to submit any existing controversy toarbitration is valid, enforceable and irrevocable except upon suchgrounds as exist at law or in equity for the revocation of any contract.

      (b)   Except as provided in subsection (c), a provision in a writtencontract to submit to arbitration any controversy thereafter arising betweenthe parties is valid,enforceable and irrevocable except upon such grounds as exist at law orin equity for the revocation of any contract.

      (c)   The provisions of subsection (b) shall not apply to: (1) Contractsof insurance, except for those contracts between insurance companies,including reinsurance contracts; (2) contracts between an employer andemployees, or theirrespective representatives; or (3) any provision of a contract providingfor arbitration of a claim in tort.

      History:   L. 1973, ch. 24, § 1; L. 1977, ch. 25, § 1;L. 1987, ch. 38, § 1;L. 1995, ch. 155, § 2; July 1.