Delaware Legislature Introduces Rapid Arbitration Act

The Delaware Rapid Arbitration Act, House Bill 49, was recently introduced in the Delaware General Assembly. The proposed Act would establish a streamlined arbitration procedure to resolve disputes involving Delaware business entities, effectively replacing a previous statute that was invalidated on constitutional grounds.  The Act states that its purpose is "to give Delaware business entities a method by which they may resolve business disputes in a prompt, cost-effective, and efficient manner, through voluntary arbitration conducted by expert arbitrators, and to ensure rapid resolution of those business disputes."

To take advantage of the Act's arbitration procedures, parties would have to meet the following requirements: