(1) Any dispute arising out of a contract between the Institute and any of its employees shall, at the request of the employee concerned or at the instance of the Institute, be referred to a Tribunal of Arbitration consisting of one member appointed by the Institute, one member nominated by the employee concerned, and an umpire appointed by the Central Government.
(2) The decision of the Tribunal of Arbitration shall be final, and no suit shall lie in any civil court in respect of the matters decided by the said Tribunal:
Provided that nothing in this sub-section shall preclude the employee or the Institute, as the case may be, from availing the judicial remedies available under articles 32 and 226 of the Constitution.
(3) The Tribunal of Arbitration shall have power to regulate its own procedure.
(4) Nothing in any law for the time being in force relating to arbitration shall apply to arbitrations under this section.