SACKVILLE, N.B. _ Mount Allison University says it's thrilled that its 2,400 students will be back in class on Monday following a three-week strike by faculty.

Administration and the union, which represents 154 full-time and 56 part-time faculty and librarians, met with a provincial mediator on Saturday to try to reach an agreement.

The faculty association said in a statement that after 14 hours of negotiations, the two sides agreed on the terms of binding arbitration, ending the strike.

Karen Grant, vice-president academic and research at Mount Allison University, said both of the parties will present their final offers on outstanding issues and an arbitrator will chose one.

``We're glad the two teams could come to some agreement about what would be arbitrated,'' she said in an interview on Sunday, adding that the two sides have been negotiating since last July.

``We were very keen to get our students back to class and get the term back on track.''

Grant couldn't say when the offers would be presented to the arbitrator.

Faculty association president Loralea Michaelis says staff are happy to be returning to class, but remain anxious about the issues that haven't been settled.

``They would dearly love to have those issues resolved,'' said Michaelis in an interview. ``It would remove a lot of uncertainty and anxiety about what kind of conditions of work we will have.''

The union has said pay, pensions and benefits are at the centre of the labour dispute.

The New Brunswick school said a revised academic schedule will be drawn up and presented to the university's senate for approval by the end of the week.