An agreement with an employee organization which is the
exclusive representative of public employees in an appropriate
unit may provide procedures for the consideration of public
employee
and employee organization grievances
and of disputes over the interpretation and application of agreements.
Negotiated procedures may provide for binding arbitration of
public employee
and employee organization grievances
and of
disputes over the interpretation and application of existing
agreements. An arbitrator's decision on a grievance may not
change or amend the terms, conditions or applications of the
collective bargaining agreement. Such procedures shall
provide for the invoking of arbitration only with the approval
of the employee organization, and in the case of an employee
grievance, only with the approval of the public employee. The
costs of arbitration shall be shared equally by the parties.