House Bill 49 Summary

• Creates the Delaware Rapid Arbitration Act as a new Chapter 58 in Title 10 of Delaware Code to provide a streamlined dispute resolution process for business entities.

• Establishes mandatory procedures for arbitration agreements between business entities (at least one party must be a Delaware-formed or Delaware-based business entity), excluding consumers and civic organizations.

• Requires arbitrators to issue final awards within 120 days of accepting appointment (or within a timeframe set by agreement), with fee reductions of 25-100% for missed deadlines depending on severity of delay.

• Limits appellate review to challenges filed within 15 days in Delaware Supreme Court under Federal Arbitration Act standards, or allows parties to opt for appellate review by arbitrators instead.

• Grants Court of Chancery exclusive jurisdiction to appoint arbitrators, enforce subpoenas, determine arbitrator fees, and issue pre-arbitration injunctions, while Superior Court handles entry of judgment for money damages awards.