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The West Indies Cricket Board (WICB) and the West Indies Players Association (WIPA), who have been at loggerheads over players' contracts, payments and image rights, among other matters, said in the statement that "all outstanding matters in dispute between the two bodies have been settled amicably".
"Both parties are pleased that the agreement reached creates an environment to engage in building a genuine partnership that can ensure the long term development and progress of West Indies cricket," read the statement.
Although the two bodies said that issues relating to the one-day series with India earlier this year would still be referred to arbitration, they intend to begin talks on a long term deal to cover future tours.
The long-running conflict between the players and the board escalated in July when the selected squad for the two-test series with Bangladesh boycotted it in protest over payment and contractual matters.
Although the senior players, including top run getters Ramnaresh Sarwan and Shivnarine Chanderpaul and captain Chris Gayle, made themselves available for the subsequent one-day series with the Bangladeshis, while the WIPA entered talks, they were not selected.
A makeshift West Indies team, having lost the Test and the ODI series to Bangladesh, was then sent to the Champions Trophy in South Africa, losing both their games in the group stage.
West Indies begin a tour of Australia next month and play the first Test in Brisbane on Nov. 26.