The law applicable to an arbitration agreement is—
the law that the parties expressly agree applies to the arbitration agreement, or
where no such agreement is made, the law of the seat of the arbitration in question.
For the purposes of subsection (1), agreement between the parties that a particular law applies to an agreement of which the arbitration agreement forms a part does not constitute express agreement that that law also applies to the arbitration agreement.
Subsection (1) does not apply to an arbitration agreement derived from a standing offer to submit disputes to arbitration where the offer is contained in—
a treaty, or
legislation of a country or territory outside the United Kingdom.
In this section—
"legislation" includes any provision of a legislative character;
"treaty" includes any international agreement (and any protocol or annex to a treaty or international agreement).