Business 8th Edition by Marianne Jennings

Exercise 18

Gateway computers included the following provision in its contract for sale of computers to consumers:
10. Dispute Resolution. Any dispute or controversy arising out of or relating to this Agreement or its interpretation shall be settled exclusively and finally by arbitration. The arbitration shall be conducted in accordance with the Rules of Conciliation and Arbitration of the International Chamber of Commerce. The arbitration shall be conducted in Chicago, Illinois, U.S.A., before a sole arbitrator. Any award referenced in any such arbitration proceeding shall be final and binding on each of the parties, and judgment may be entered thereon in a court of competent jurisdiction.
What type of arbitration is required? Is this clause valid and enforceable?