Section 1 above does not affect—
(a)the enforcement of an arbitration agreement to which section 1 of the [1975 c. 3.] Arbitration Act 1975 applies, that is, an arbitration agreement other than a domestic arbitration agreement within the meaning of that section;
(b)the resolution of differences arising under any contract so far as it is, by virtue of section 1(2) of, and Schedule 1 to, the [1977 c. 50.] Unfair Contract Terms Act 1977 (“the Act of 1977”), excluded from the operation of section 2, 3, 4 or 7 of that Act.