§ 10-3-2 - Agreements to arbitrate subject to chapter.
SECTION 10-3-2
§ 10-3-2 Agreements to arbitrate subjectto chapter. – When clearly written and expressed, a provision in a written contract to settleby arbitration a controversy thereafter arising out of such contract, or out ofthe refusal to perform the whole or any part thereof, or an agreement inwriting between two (2) or more persons to submit to arbitration anycontroversy existing between them at the time of the agreement to submit shallbe valid, irrevocable, and enforceable, save upon such grounds as exist at lawor in equity for the revocation of any contract; provided, however, that theprovisions of this chapter shall not apply to collective contracts betweenemployers and employees, or between employers and associations of employees, inrespect to terms or conditions of employment; and provided further, that in allcontracts of primary insurance, wherein the provision for arbitration is notplaced immediately before the testimonium clause or the signature of theparties, the arbitration procedure may be enforced at the option of theinsured, and in the event the insured exercises the option to arbitrate, thenthe provisions of this chapter shall apply and be the exclusive remedyavailable to the insured.