You are correct in the sense that contractual obligations can be stipulated in contracts, including the arbitration court or instance, but a lawsuit will in most cases always remain an option, especially when at least one of the parties is a private person.
That's why I make a distinction between "contractual obligations" and "Rights". A private person enjoys rights granted by positive law ranked higher than contracts (for private persons), such as a constitution or consumer rights. This might be different from one country to another.
We basically agree.