sporazum

1. agreement; treaty
   Vlade su potpisale sporazum o slobodnoj trgovini. — The governments signed a free trade agreement.
   Posle dugih pregovora postignut je sporazum. — After long negotiations, an agreement was reached.
2. mutual consent; understanding
   Sporazumom su rešili spor. — They settled the dispute by mutual agreement.

Common collocations are postići sporazum "to reach an agreement" and sporazum o + locative "agreement on something".