Definitions:

1. Contract between labor and management governing wages and benefits and working conditions. NOUN
   • The labor agreement between the company and the union expired last month, and negotiations are ongoing for a new one.
2. Legally binding agreement between an employer and a labor union or group of employees, which outlines the terms and conditions of employment as well as the rights and responsibilities of both parties. NOUN
   • The labor agreement helps to prevent disputes between the company and the union.

Synonyms:

• collective bargaining agreement
• labor contract
• work contract
• working agreement