5-401.Validity of arbitration agreement.
(a) A written agreement to submit any existing controversy to
arbitration is valid, enforceable and irrevocable except upon such
grounds as exist at law or in equity for the revocation of any contract.
(b) Except as provided in subsection (c), a provision in a written
contract to submit to arbitration any controversy thereafter arising between
the parties is valid,
enforceable and irrevocable except upon such grounds as exist at law or
in equity for the revocation of any contract.
(c) The provisions of subsection (b) shall not apply to: (1) Contracts
of insurance, except for those contracts between insurance companies,
including reinsurance contracts; (2) contracts between an employer and
employees, or their
respective representatives; or (3) any provision of a contract providing
for 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.
5-401.Validity of arbitration agreement.
(a) A written agreement to submit any existing controversy to
arbitration is valid, enforceable and irrevocable except upon such
grounds as exist at law or in equity for the revocation of any contract.
(b) Except as provided in subsection (c), a provision in a written
contract to submit to arbitration any controversy thereafter arising between
the parties is valid,
enforceable and irrevocable except upon such grounds as exist at law or
in equity for the revocation of any contract.
(c) The provisions of subsection (b) shall not apply to: (1) Contracts
of insurance, except for those contracts between insurance companies,
including reinsurance contracts; (2) contracts between an employer and
employees, or their
respective representatives; or (3) any provision of a contract providing
for 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.
5-401.Validity of arbitration agreement.
(a) A written agreement to submit any existing controversy to
arbitration is valid, enforceable and irrevocable except upon such
grounds as exist at law or in equity for the revocation of any contract.
(b) Except as provided in subsection (c), a provision in a written
contract to submit to arbitration any controversy thereafter arising between
the parties is valid,
enforceable and irrevocable except upon such grounds as exist at law or
in equity for the revocation of any contract.
(c) The provisions of subsection (b) shall not apply to: (1) Contracts
of insurance, except for those contracts between insurance companies,
including reinsurance contracts; (2) contracts between an employer and
employees, or their
respective representatives; or (3) any provision of a contract providing
for 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.
