What is " dismiss complaint or in the alternative to stay" mean?

I am a lawyer in CT and practice in this area of the law.  Dismiss means that the case is no longer valid.  Stayed means that it is put on hold.  i am guessing that a motion to dismiss/stay was filed becasue someone filed a lawsuit; however, the contract at issue requires that the parties first arbitrate the claim before litigating.  if this is the case, there is a dispute that has arisen and the parties are at odds as to how to proceed (i.e. in court/or arbitration). I suggest that you show this document to a lawyer to help explain it to you as i cannot give you a definitive answer without seeing the document.