International commercial arbitration: procedure.

(1) Existing law provides a framework for the arbitration and conciliation of international commercial disputes. Existing law requires an arbitration agreement subject to this framework to be in writing, specifying that an agreement is in writing if it is contained in a document signed by the parties or in an exchange of letters, telex, telegrams, or other means of telecommunication that provide a record of the agreement, or in an exchange of statements of claim and defense in which the existence of an agreement is alleged by one party and not denied by another.