(1) Any dispute arising out of the contract between the University and any employee shall, at the request of the employee, be referred to a Tribunal of Arbitration consisting of one member appointed by the Executive Council, one member nominated by the employee concerned and an umpire appointed by the Visitor.
     (2) The decision of the Tribunal of Arbitration shall be final and binding on the parties.
     (3) Every request made by the employee under sub-section (1), shall be deemed to be a submission to arbitration upon the terms of this section within the meaning of the Arbitration and Conciliation Act, 1996 (26 of 1996).
     (4) The procedure for regulating the work of the Tribunal shall be prescribed by the Statutes