(a) A written agreement to submit any existing controversy within or related to the cotton industry to arbitration or a provision in a written contract, except a forward crop contract, to submit to arbitration any controversy within or related to the cotton industry thereafter arising between the parties is valid, enforceable and irrevocable, save upon such grounds as exist at law or in equity for the revocation of any contract.

(b) As used in this part:

(1) “Any controversy within or related to the cotton industry” includes, but is not limited to, any controversy arising from, connected with, or in any way relating to the sale, purchase, pledge, hypothecation, or exchange of, or other transaction in cotton;

(2) “Court” means any court of competent jurisdiction of this state. Any agreement made in conformity with subsection (a) in this state confers jurisdiction on the court to enforce an agreement under this part and to enter judgment or an award thereunder; and

(3) “Forward crop contract” means a contract for the sale of a cotton crop or crops which have not been harvested at the time of execution of the contract if the cotton is to be produced by the seller or seller's agents, and if the obligation to deliver is excused upon seller's failure, after good faith effort, to produce the crop or crops sold.

(c) This part shall not apply to any controversy within or related to the cotton industry if any party involved in such controversy is a cotton farmer or cotton ginner.