(1) Every employee of the University shall be appointed under a written contract, which shall be lodged with the University and a copy of which shall be furnished to the employee concerned.
     (2) 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 Board of Management, one member nominated by the employee concerned and an umpire appointed by the Visitor.
     (3) The decision of the Tribunal in such matters shall be final.
     (4) Every request made by the employee under sub-section (2), shall be deemed to be a submission to arbitration upon the terms of this section within the meaning of the Arbitration Act, 1940 (2 of 1940).
     (5) The procedure for regulating the work of the Tribunal shall be prescribed by the Statutes.