Mandatory Arbitration Clause

[Rusty Thompson]

Recently I've been considering adding a Mandatory Arbitration Clause to my Lease & rental contracts. We all sign them when we buy real estate with conventional financing. So I figure why not add them to my own contracts.

Here is a example pulled from Wiki.
"Any dispute or difference arising out of or in connection with this contract shall be determined by the appointment of a single arbitrator to be agreed between the parties, or failing agreement within fourteen days, after either party has given to the other a written request to concur in the appointment of an arbitrator, by an arbitrator to be appointed by the President or a Vice President of the Chartered Institute of Arbitrators."

They seem to be universally acceptable & something like 97% of contracts currently contain something to this affect.

Has anyone been doing this? Has anyone had to enforce one?