CHAPTER 244

An Act to amend and reenact § 8-508 of the Code of Virginia, relating to
submission of controversy to arbitration and award. nH 804]

Approved March 138, 1968

Be it enacted by the General Assembly of Virginia:

t 7 That § 8-503 of the Code of Virginia be amended and reenacted as
ollows:

§ 8-503. Submission of controversy.—(a) Persons desiring to end
any controversy, whether there be a suit pending therefor or not, may
submit the same to arbitration, and agree that such submission may be
entered of record in any court. Upon proof of such agreement out of court,
or by consent of the parties given in court in person or by counsel, it shall
be entered in the proceedings of such court; and thereupon a rule shall be
made, that the parties shall submit to the award which shall be made in
pursuance of such agreement.

(b) Notwithstanding any other provision of law, the parties may
enter into an agreement to arbitrate which will be as binding as any other
agreement. If, after entry into such agreement, either party refuses to
cooperate in the appointment of an arbitrator or arbitrators, or if the
parties cannot agree upon the arbitrator or arbitrators, then after ten
days notice on motion of either party, the court which has jurisdiction of
the claim shall act for the party so refusing or failing to agree in the
appointment, then the arbitration shall proceed and be as binding as if
both parties had cooperated throughout the proceedings. Neither party
shall have the right to revoke an agreement to arbitrate except on a
ground which would be good for revoking or annulling other agreements.