20040.  Nothing contained in this chapter shall limit the right of a
franchisor and franchisee to agree before or after a dispute has
arisen to binding arbitration of claims under this chapter, provided
that:
   (a) The standards applied in such arbitration are not less than
the requirements specified in this chapter; and
   (b) The arbitrator or arbitrators employed in such arbitration are
chosen from a list of impartial arbitrators supplied by the American
Arbitration Association or other impartial person.