Can anyone suggest language that could be added to our credit application relating to Binding Arbitration?

Answer: This is not legal advice, just suggested language to show your attorney:

"If a dispute arises between the parties as to the interpretation, application or performance of this contract, including its existence, validity or termination, either party may submit the dispute to final and binding arbitration in accordance with the rules and procedures established by the American Arbitration Association. Both parties agree to be bound by the decision of the Arbitrator or Arbitrators."