jurisdiction language

["James J. O'Donnell" <jod@georgetown.edu>]

Would the following language be acceptable to US state universities in
lieu of a statement about governing law?  In other words, there would be
no statement about jurisdiction except this.

Jim O'Donnell
Georgetown University

"In the event any dispute or controversy arising out of or relating to
this Agreement, the parties agree to exercise their best efforts to
resolve the dispute as soon as possible. In the event that the parties can
not by exercise of their best efforts resolve the dispute, they shall
submit the dispute to a mutually acceptable arbitrator they have chosen."