While arbitration is often regarded as superior to court proceedings for resolving disputes that arise in interpreting contracts, it is costly, takes time, chills the relationship between the parties, and is rarely mutually satisfactory to all participants. Expedited arbitration saves time but contains all the drawbacks of conventional arbitration. The disadvantages of conferencing are discussed, among them the tactical problem of making the neutral arbitrator the ultimate decisional authority if the disputing parties do not agree. The process of grievance mediation prepares the parties more effectively for negotiation than does conferencing and it is also structured to be less risky for those who participate. Because it uses the mediator as a facilitator who helps the parties reach their own agreement, grievance mediation is quicker, more efficient, and less costly than conventional arbitration. 10 references.