agreement a‧gree‧ment [əˈgriːmənt] noun [countable]
1. an arrangement or promise to do something, made by two or more people or organizations:

Under the agreement, the company will distribute our products in North America.

• What happens if the warring parties fail to reach an agreement?

agreement on

• an agreement on arms reduction

— see also breach of agreement, heads of agreement, memorandum of agreement
word focus - agreement
Types of agreement
A contract is a written legal document with all the details of a job or business arrangement, for example what someone must do and how much they will be paid:

• My contract stipulates (= officially says ) that I have to work 35 hours a week.

A deal is a formal business agreement that usually involves the sale of something:

• They made a deal to sell the land to a property developer.

A compromise is an agreement that is achieved after everyone involved accepts less than what they originally wanted:

• After several hours of discussions, the management and unions managed to reach a compromise.

A pact is a formal written agreement between two or more countries or organizations:

• U.S. law makers have approved a controversial free-trade pact with Central American nations.

A verbal agreement is one in which someone says that they agree to something or says they will do something, but does not sign an official written promise:

• If it's only a verbal agreement, he might refuse to honour it, or even deny all knowledge of it.

An unwritten agreement is one that everyone knows about although it is not official:

• There is an unwritten agreement between the two companies not to poach staff from each other.

ˌbuy-and-ˈsell aˌgreement LAW
an agreement between owners of a non-public company, that if one of them sells their share in the company, they must offer it first to the other owners
colˌlective aˈgreement HUMAN RESOURCES
a formal agreement between an employer and a trade union in which the agreed conditions of employment such as wages and hours are stated:

• Contract workers fall outside collective agreements.

conˈcession aˌgreement COMMERCE
an arrangement between a country and a company for the company to carry out activities such as mining:

• The company has signed a new petroleum concession agreement with the Pakistan government.

ˌfair-ˈtrade aˌgreement COMMERCE
an agreement between a manufacturer and a retailer that the manufacturer's product will not be sold below a certain price. This is now illegal in many places
ˈforward rate aˌgreement abbreviation FRA FINANCE
an agreement to buy a particular amount of currency for delivery at a fixed price on a fixed date in the future:

• You can protect yourself against future rises in interest rates by negotiating a forward rate agreement.

ˈframework aˌgreement COMMERCE
a formal agreement between two or more organizations or countries to do something, which contains the main ideas or parts but not all the details:

• The company and the main union have signed a framework agreement for the modernization of pay structures.

ˈfreeze aˌgreement FINANCE
an agreement made by a company looking for investment from other companies with a company that might be investing in it, stating that it will not look for investment from any other companies:

• Nissan would have to sign a freeze agreement preventing it from approaching other carmakers until talks with Renault were completed or called off.

ˈgentleman's aˌgreement
an informal agreement that is not written down, made between people who trust and respect each other:

• It suited both parties for their arrangements to be by gentleman's agreement.

ˈlabour aˌgreement , labor agreement HUMAN RESOURCES
an agreement between managers and workers about the conditions under which work is done:

• The company reached a new labor agreement with its workers.

non-disˈclosure aˌgreement LAW
an agreement by two organizations not to give information to others about formal discussions they are having or plans they are making:

• It has been looking at buying companies involved in privatizations, and in many cases is bound by non-disclosure agreements.

ˈpurchase aˌgreement COMMERCE
a document that gives details of the conditions under which goods or property are sold ; = contract of purchase:

• The chairman announced that the company has signed a purchase agreement to acquire the assets of Consolidated Plumbing Industries.

reˈpurchase aˌgreement also ˈrepo aˌgreement informal
FINANCE an occasion when the holder of particular bonds sells them and agrees to buy them back on a specific date in the future at a fixed price. Central Banks use repos to control the money supply (= the amount of money in the economy) by buying back government bonds for specific periods of time; = SALE AND REPURCHASE AGREEMENT:

• When it wants to inject cash into the banking system, the Bundesbank enters repurchase agreements. It takes securities from banks and gives them cash that they can invest or lend to clients.

— see also repo1
ˌsale and reˈpurchase aˌgreement
FINANCE another word for repurchase agreement
ˈsales aˌgreement COMMERCE
another word for purchase agreement
ˈservice aˌgreement
1. HUMAN RESOURCES an agreement between a company and its director, stating what the director will do, how much they will be paid etc; = SERVICE CONTRACT:

• If a director's service agreement is to last for more than five years, it must be approved by the shareholders.

2. COMMERCE an agreement between a company and a customer, stating what product or service the company will provide, and any arrangements for delivery, payment etc; = SERVICE CONTRACT:

• Users must sign a 12-month service agreement when they first receive the phone.

ˈstandstill aˌgreement FINANCE
in an unwanted takeover, an agreement between a company and the bidder (= someone trying to take control of it) in which the bidder agrees not to buy any more shares in the company for a particular period of time in return for more power on the board etc:

• It signed a standstill agreement under which it promised not to increase its holding for three years.

ˈtrade aˌgreement ECONOMICS
an agreement between countries to help each other trade, for example by buying and selling to each other at lower prices than usual:

• A $600,000,000 trade agreement was signed by the two countries.

ˌvoluntary reˈstraint aˌgreement COMMERCE
an agreement between countries to limit imports or exports to a fixed number that is not set down in any laws or regulations:

• Auto manufacturers claim the voluntary restraint agreement has hurt U.S. exports.

2. an official document that people sign to show that they have agreed to something:

• Please read the agreement and sign it.

— see also heads of agreement

* * *

agreement UK US /əˈgriːmənt/ noun
[C] a decision or arrangement that has been made and accepted by two or more people, groups, organizations, etc.: agreement between sb and sb »

Based on the rental agreement between the landlord and the tenant, either party must give 30 days notice to terminate the agreement.

agreement with sb »

The group has licensing agreements with 170 retail customers in the US.

an agreement on sth »

Negotiations will continue for an ambitious agreement on trade and other matters.

arrive at/come to/reach an agreement »

Despite recent discussions between the two companies, they failed to reach an agreement on the terms of a possible merger.

enter into/sign an agreement »

Developers have signed an agreement with the commission and the EPA to use the land for commercial and residential property.


a formal/legal/binding agreement


a verbal/written/unwritten agreement

Compare ARRANGEMENT(Cf. ↑arrangement), CONTRACT(Cf. ↑contract), DEAL(Cf. ↑deal) noun, DEED(Cf. ↑deed)
See also AGREEMENT OF SALE(Cf. ↑agreement of sale), BUY-AND-SELL AGREEMENT(Cf. ↑buy-and-sell agreement), COLLECTIVE AGREEMENT(Cf. ↑collective agreement), FAIR TRADE AGREEMENT(Cf. ↑fair trade agreement), FORWARD RATE AGREEMENT(Cf. ↑forward rate agreement), FRAMEWORK AGREEMENT(Cf. ↑framework agreement), GENTLEMAN'S AGREEMENT(Cf. ↑gentleman's agreement), HEADS OF AGREEMENT(Cf. ↑heads of agreement), LABOR AGREEMENT(Cf. ↑labor agreement), LETTER OF APPEAL(Cf. ↑letter of appeal), NON-DISCLOSURE AGREEMENT(Cf. ↑non-disclosure agreement), PURCHASE AGREEMENT(Cf. ↑purchase agreement), REPURCHASE AGREEMENT(Cf. ↑repurchase agreement), SALE AND PURCHASE AGREEMENT(Cf. ↑sale and purchase agreement), SALE AND REPURCHASE AGREEMENT(Cf. ↑sale and repurchase agreement), SALES AGREEMENT(Cf. ↑sales agreement), SERVICE AGREEMENT(Cf. ↑service agreement), STANDSTILL AGREEMENT(Cf. ↑standstill agreement), TRADE AGREEMENT(Cf. ↑trade agreement), VOLUNTARY RESTRAINT AGREEMENT(Cf. ↑voluntary restraint agreement)
[U] the act of approving or accepting something, or the fact of having the same opinion about something: be in agreement with sb/sth »

Most of the county's lawmakers are in agreement with administration officials on the proposal.

complete/total/widespread agreement »

There is widespread agreement that changes need to be made, but there is disagreement about how it should be conducted.

be in agreement that »

All area superintendents are in agreement that both constitutional reform and tax reform are necessary now.

Financial and business terms. 2012.

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