In a press release sent out this afternoon, NYU spokesman John Beckman announced that the university and its adjunct faculty have reached a tentative agreement for a new six-year contract.

"We believe this contract achieves the important goal we had in mind from the start: that we arrive at a fair contract that properly honors the important contributions these faculty members make to our community," Beckman said.

According to the statement, the new contract addresses some of the key issues in the dispute, including pay equity and job security. The exact terms of the contract were not made public in the statement.

NYU and the adjunct union have been in a series of contentious discussions since their contracts first expired on Aug. 31, 2010. The two parties have met on four separate occasions for negotiations, but after each meeting no significant changes were made.

Joel Schlemowitz, president of the ACT-UAW Local 7902, the union representing NYU adjuncts, told WSN earlier this month that some of the major issue holding up a new contract were the university's decision to not offer health care for summer adjuncts and problems incurred with class cancellation.

The union had authorized a strike in November.

"The University is grateful to all the members of the bargaining teams from both sides for the many hours they put in to ensure we had this successful outcome," Beckman said.