collective agreement

noun HR

Definition

› [C] a formal agreement between groups or people, especially an agreement reached by collective bargaining : Talks stalled earlier this year after they failed to reach a collective agreement.

› [U] the process in which groups or people reach an agreement about something, especially by collective bargaining: The required reduction in the workforce was achieved by collective agreement.

(Definition of collective agreement noun from the Cambridge Business English Dictionary © Cambridge University Press)