(a) A written agreement to submit to arbitration any controversy existing at or arising after the effective date of the agreement is valid, enforceable, and irrevocable, save upon such grounds as exist at law or in equity for the revocation of any contract, without regard to the justiciable character of the controversy, so long as:
(1) The agreement is signed by the parties to an arbitration;
(2) At least 1 party to the agreement is a business entity, as that term is defined in § 346 of this title, formed or organized under the laws of this State or having its principal place of business in this State;
(3) No party to the agreement is a consumer, as that term is defined in § 2731 of Title 6, or an organization, as that term is defined in this chapter;
(4) The agreement provides that it shall be governed by or construed under the laws of this State, without regard to principles of conflict of laws, regardless of whether the laws of this State govern the parties' other rights, remedies, liabilities, powers and duties; and
(5) The agreement includes an express reference to the “Delaware Rapid Arbitration Act.”
During the pendency of an arbitration, an agreement may be amended to alter the procedures of the arbitration only with the approval of an arbitrator, but the agreement may not be amended so as to alter the time set forth in 5808(b) of this title.
(b) A party to an agreement is deemed to have waived objection and consented to:
(1) The arbitration procedures set forth in this chapter;
(2) The submission exclusively to an arbitrator of issues of substantive and procedural arbitrability;
(3) The exclusive personal and subject matter jurisdiction of an arbitration, the seat of which is this State, regardless of the place of a hearing;
(4) The exclusive personal and subject matter jurisdiction of the courts of the State for the limited purposes set forth in § 5804 of this title; and
(5) Except as otherwise limited by the agreement, an arbitrator's power and authority to:
a. Determine in the first instance the scope of the arbitrator's remedial authority, subject to review solely under § 5809 of this title; and
b. Grant relief, including to award any legal or equitable remedy appropriate in the sole judgment of the arbitrator.
(c) A party to an agreement is deemed to have waived the right to:
(1) Seek to enjoin an arbitration;
(2) Remove any action under this chapter to a federal court;
(3) Appeal or challenge an interim ruling or order of an arbitrator;
(4) Appeal or challenge a final award, except under § 5809 of this title; and
(5) Challenge whether an arbitration has been properly held, except under § 5809 of this title.