Section 35. Waiver of arbitration; arbitrators' award conclusive

The filing
  of a notice of lien shall not be a waiver of any right of arbitration of
  a  contractor,  subcontractor, material man or laborer secured to him by
  his contract to furnish labor or materials. In case the arbitrators,  in
  any  arbitration  proceeding  had  pursuant  to any such contract, shall
  determine the value or price of labor performed or  material  furnished,
  their   award  shall  be  conclusive  as  between  all  parties  to  the
  arbitration in any action to foreclose the lien.