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Agreement refers to a formal understanding or contract between two or more parties that outlines the terms and conditions of a particular arrangement or deal. It is usually signed or agreed upon once all parties have come to a consensus on the key elements of the agreement, such as payment terms, timelines, deliverables, and responsibilities. An agreement can be legally binding and enforceable, and may contain provisions for resolving disputes or addressing non-compliance. Agreements are commonly used in business, legal, and personal settings, and are an essential part of any successful collaborative effort.
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