One note about arbitration in general is that arbitration is far quicker and less costly than a court case, HOWEVER, it is well known that arbitrators in general like to try to make both sides happy to some extent. This CAN BE one of the downsides of using arbitration.

I have negotiated many arbitration clauses and taken part in several arbitrations, and I would hope that the contract does at least allow the prevailing party reasonable outside attorneys fees to be awarded.