(1) Every ¹[employee] of the University shall be appointed on a written contract, which shall be lodged with the University and a copy of which shall be furnished to the ²[employee] concerned.
     (2) Any dispute arising out of a contract between the University and any of its ³[employees] shall, at the request of the ³[employee] concerned be referred to a Tribunal of Arbitration consisting of one member appointed by the Executive Council, one member nominated by the ³[employee] concerned and an umpire appointed by the ⁴[Visitor]. The decision of the Tribunal shall be final, and no suit shall lie in any Civil Court in respect of the matters decided by the Tribunal. Every such request shall be deemed to be a submission to arbitration upon the terms of this section within the meaning of the Indian Arbitration Act, 1899⁵ (9 of 1899) , and all the provisions of that Act, with the exception of section 2 thereof shall apply accordingly.