(a) Subject only to the provisions of subsection (b) of this section, a person shall be classified as an independent contractor under the laws of this state as defined in workers compensation in Chapter 23 of this code, unemployment compensation in Chapter 21A of this code, Human Rights Act rights in 5-11-1 et seq. of this code, and wage payment and collection as defined in 21-5-1 et seq. of this code, if:
(1) The person signs a written contract with the principal, in substantial compliance with the terms of this subsection, that states the principals intent to engage the services of the person as an independent contractor and contains acknowledgements that the person understands that he or she is: