Section 347 - Mediation proceedings for business disputes(a) Without limiting the jurisdiction of any court of this State, the Court of Chancery shall have the power to mediate business disputes when: (1) The parties have consented to the mediation by the Court of Chancery by agreement or by stipulation;(2) At least 1 party is a business entity as defined in § 346 of this title;(3) At least 1 party is a business entity formed or organized under the laws of this State or having its principal place of business in this State;(4) No party is a consumer, as that term is defined in § 2731 of Title 6, with respect to the business dispute; and(5) In the case of disputes involving solely a claim for monetary damages, the amount in controversy is no less than $1 million dollars or such greater amount as the Court of Chancery determines by rule. A mediation pursuant to this section shall involve a request by parties to have a member of the Court of Chancery, or such other person as may be authorized under rules of the Court, act as a mediator to assist the parties in reaching a mutually satisfactory resolution of their dispute. Mediation proceedings shall be considered confidential and not of public record.
(b) By rule, the Court of Chancery may define those types of cases that are eligible for submission as a business dispute mediation. This section is intended to encourage the Court of Chancery to include complex corporate and commercial disputes, including technology disputes, within the ambit of the business dispute mediation rules. The Court of Chancery should interpret its rule-making authority broadly to effectuate that intention. 74 Del. Laws, c. 36, § 2.;