(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 and no suit shall lie in any civil court in respect of the matters decided by the Tribunal:
     Provided that nothing in this sub-section shall preclude the employee from availing of the judicial remedies available under articles 32 and 226 of the Constitution.
     (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.