If both sides can agree on an arbitrator, you don't need to have anything be binding, they can just agree to arbitration.
Binding arbitration clauses that just say both sides have to agree on an arbitrator aren't really a thing. That would be an 'agreement to agree' which in some jurisdictions is even void, because it's impossible to sue anyone over a breach of it. (Whose breach is it when two parties couldn't agree an arbitrator? Well, both, and neither).
So binding arbitration clauses either specify an arbitrator in the contract or allow one of the parties (guess which) to choose at runtime. The slack one is the former, it specifies one called 'JAMS ADR'.
Binding arbitration clauses that just say both sides have to agree on an arbitrator aren't really a thing. That would be an 'agreement to agree' which in some jurisdictions is even void, because it's impossible to sue anyone over a breach of it. (Whose breach is it when two parties couldn't agree an arbitrator? Well, both, and neither).
So binding arbitration clauses either specify an arbitrator in the contract or allow one of the parties (guess which) to choose at runtime. The slack one is the former, it specifies one called 'JAMS ADR'.