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Any dispute arising out of a contract of employment referred between the University and an employee or a teacher shall, at the request of either party, be referred to a Tribunal of Arbitration which shall consist of one member nominated by the Executive Council, one member nominated by the employee or teacher concerned and an umpire to be nominated by the Chancellor. Every such reference shall be deemed to be a submission to arbitration upon the terms of this section within the meanings of Arbitration and Conciliations Act, 1996 (central Act no. 22 of 1996). Provident, Insurance and Pension Funds