The much awaited US-Iran agreement, termed as a Memorandum of Understanding, was finally signed by US President Donald Trump, with an eye to ending hostilities and reopening the Strait of Hormuz.
The deal was signed at the G7 summit in Evian-les-Bains in France.
But the 14-point agreement doesn’t come with caveats, as expected.
Trump has already rung the warning bell.
"We're going to bomb the hell out of them if they violate the agreement," Trump said of Iran at a press conference.
But what’s in the deal?
1. End to conflict
The first paragraph of the agreement notes that the US, Iran and allies will declare an "immediate and permanent" termination of military operations on "all fronts" - including Lebanon.
2. Respect for sovereignty, territorial integrity
The text of the document - read verbatim to reporters in a call with US officials - notes that the US and Iran will "respect each other's sovereignty and territorial integrity" and refrain from interfering in each side's internal affairs.
3. 60-day timeline
The third point in the document says the US and Iran will commit to negotiating and achieving a final deal in a "maximum" of 60 days, although that timeline could be extended with mutual consent. The countdown began since the deal was signed.
4. Blockade removal, force withdrawal
The US will begin removing its naval blockade and "any disturbances or impediments" that have been placed on Iranian ports within 30 days, the fourth point says. It will also remove American forces from the "proximity of Iran" within that timeline.
5. Reopening Strait of Hormuz
The fifth point notes that upon the signing of the MoU, Iran will "make arrangements using its best efforts" to allow safe passage of commercial vessels through the Strait of Hormuz - with no charge.
6. $300bn for Iran
The sixth point of the MoU says the US and regional partners will develop a "definitive, mutually agreed plan" worth at least $300bn (£224bn) for reconstruction and economic development in Iran.
7. End of sanctions
The US will terminate all economic sanctions against Iran, including those included in UN Security Council resolutions and those implemented unilaterally by the US. The timeline for this, however, is not specified.
8. No Iranian nukes
Iran has agreed to not procure or buy a nuclear weapon, and both sides have agreed to deal with the enriched uranium Tehran already has. The method to manage the material is unclear.
9-10. Maintaining a status quo
The following two parts of the agreement specify that the US and Iran agree to a "status quo" of its nuclear programme in the meantime, until the enriched uranium can be dealt with. In the meantime, the US is not expected to impose any new sanctions, but will issue waivers for export of oil, petroleum and other associated services.
11. Release of frozen funds
The eleventh point of the document notes that the US "undertakes to make fully available frozen or restricted funds" once the MoU is signed and that procedures will be agreed upon during negotiations, a point Iran has been adamant about.
12-14. Monitoring and final negotiations
The final few points explain how the deal will unfold, with both countries establishing a mechanism to monitor MoU implementation. Then negotiations for a final deal will begin, which will be endorsed by a binding UN Security Council resolution.