In July 1986 John and Anelisa Thompson (the Thompsons) contracted with Carl Jespersen and Jespersen Construction Co., Inc. (Jespersen) for the construction of a single family residence. Their agreement provided for arbitration, subject to certain exceptions not here relevant, of "[a]ll claims, disputes and other matters in question between the Contractor and the Owner arising out of, or relating to, the Contract...
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