合同裏一句話的解釋

那位高手幫忙解釋一下這句話：

The parties understand that by entering into this agreement they are giving up their constitutional right to have claims decided in a court of law before a jury and instead are accepting the use of binding arbitration.

My understanding: Any disputes will have to go through arbitration instead of court; we will give up our rights to sue the other party.

My hu*****and's understanding: We could still go to court if we choose to, but we could not request a jury.

Could somebody help? Thanks a lot.