To amend chapter 1 of title 9 of the United States Code to permit each party to a sales and service contract to accept or reject arbitration as a means of settling disputes under the contract.

Provides that each party to a sales and service contract that provides for the use of arbitration to resolve controversies shall have the option to reject arbitration as the means of settling a controversy.

Requires the arbitrator, in making an award in any controversy arising out of or relating to such a contract, to provide the parties with a written explanation of the reasons for the award. Allows any such award to be vacated by a court order whenever the court finds that the arbitrator disregarded, misapplied, or misinterpreted State law.