Stay of Proceedings When Suit Is Filed

If any suit or proceeding is brought in the courts of Guam upon any issue referable to arbitration under this chapter, the court in which said suit is pending, upon being satisfied that the issue involved in such suit or proceeding is referable to arbitration under this chapter, shall upon application of one of the parties, stay all proceedings in the action until such arbitration has been had in accordance with the terms of this chapter.