Describe the Difference Between Grievance Arbitration and Interest Arbitration as Well

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The Answer is In grievance arbitration, a third party determines the application or interpretation of the terms and conditions of the collective agreement. In other words, interest arbitration takes place while the collective agreement is being negotiated, and grievance arbitration is used to settle disputes that arise once the collective agreement is in place.
An important feature of interest arbitration as a method of dispute resolution is that the arbitrator's decision is binding. In a standard arbitration exercise, the arbitrator has the latitude to establish a ruling on each issue in dispute.
In final offer selection, the arbitrator is limited to choosing the last offer of either of the parties. Compromises are not permitted. There are two types of final offer selection. One is total-package final offer selection. Under this approach, each party presents the arbitrator with a total package of offers covering all the outstanding issues. The arbitrator then selects one party's total package and the selected package forms part or all of the terms and conditions of the collective agreement.
The other type is item-by-item final offer selection. Under this approach, each party submits its package of proposals and the arbitrator selects from one or the other package a proposal for each outstanding item.

Describe the Difference Between Grievance Arbitration and Interest Arbitration as Well

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