§658-1 Agreement to submit. A provision in a written contract to settle by arbitration a controversy thereafter arising out of the contract or the refusal to perform the whole or any part thereof, or an agreement in writing to submit an existing controversy to arbitration pursuant to section 658-2, shall be valid, enforceable, and irrevocable, save only upon such grounds as exist for the revocation of any contract. [CC 1859, §925; RL 1925, §2924; am L 1925, c 276, pt of §1; RL 1935, §4170; RL 1945, §8701; RL 1955, §188-1; HRS §658-1; am L 1972, c 90, §2(a)]