(a) The Court of Chancery of the State, on petition or on application of a party in an existing case, has exclusive jurisdiction to appoint 1 or more arbitrators upon:
(1) The consent of all parties to an agreement;
(2) The failure or inability of an arbitrator named in or selected under an agreement to serve as an arbitrator;
(3) The failure of an agreement to name an arbitrator or to provide a method for selecting an arbitrator;
(4) The inability of the parties to an agreement to appoint an arbitrator; or
(5) The failure of a procedure set forth in an agreement for selecting an arbitrator.
Following the petition or application, each party shall propose to the Court of Chancery no more than 3 persons that are qualified and willing to serve as an arbitrator.
(b) (1) The Court of Chancery shall, within 30 days of the service of the petition or application, appoint an arbitrator and, in so doing, may take into account:
a. The terms of an agreement;
b. The persons proposed by the parties; and
c. Reports made under § 5806(d) of this title.
(2) An arbitrator appointed by the Court of Chancery may only be:
a. A person named in or selected under an agreement;
b. A person expert in any nonlegal discipline described in an agreement; or
c. A member in good standing of the Bar of the Supreme Court of the State for at least 10 years.
An arbitrator so appointed has all the powers of an arbitrator specifically named in an agreement. Unless otherwise provided in an agreement, the Court of Chancery shall appoint a single arbitrator.