According to the Federal Mediation and Concilation Service, which was mediating the United States Maritime Alliance and the International Longshoremen’s Association labor negotiations, the two parties have come to an agreement that will avert the strike that has loomed in recent days. 

In an announcement, FMCS Director George H. Cohen said that a “container royalty payment issue has been agreed upon in principle by the parties,” one of the main points of contention in reaching a collective bargaining agreement. They’ve also given themselves a 30-day extension to reach other terms. 

If an agreement had not been met, ports up and down the East Coast and on the Gulf would have been shut down due to strikes.

For more information on the strike and the American Trucking Associations’ request to President Barack Obama to intervene, see CCJ‘s coverage from Thursday.