(1) Any dispute arising out of a contract ¹[between an Institute] and any of its employees shall, at the request of the employee concerned or at the instance of the Institute, be referred to an Arbitral Tribunal consisting of one member appointed by the Institute, one member nominated by the employee and an umpire appointed by the Visitor.
     (2) The decision of the Arbitral Tribunal shall be final and shall not be questioned in any court.
     (3) No suit or proceeding shall lie in any court in respect of any matter which is required by subsection (1) to be referred to the Arbitral Tribunal.
     (4) The Arbitral Tribunal shall have power to regulate its own procedure.
     (5) Nothing in any law for the time being in force relating to arbitration shall apply to arbitration under this section.