Agreement in principle - which means no final language has been drafted. We'll see if the spirit of the negotiations make it into the contractual language that results in an agreement.
Both management teams have a reputation of being uh.... "less than forthright" when it comes to interpreting any contract. I wouldn't hold my breath on this one.
Trust but verify, was the battle cry last decade (and we all saw how well that worked out). FUPM is perfect for today's environment, show me the improvements in pay, work rules, and time off.