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Canadian Pacific Railway and the Teamsters Canada Rail Conference (TCRC) have reached a revised five-year agreement, averting a potential strike or lockout.

The union will present the tentative agreement to members for a ratification vote, which TCRC expects to conclude within eight weeks. Contract details weren't released pending ratification.

CPR and the TCRC — which represents 4,500 locomotive engineers and conductors — previously extended a "no strike/no lockout" agreement to Dec. 8 so they could continue to negotiate a contract. The parties reached the no/no pact Nov. 18 after union members narrowly rejected a tentative five-year agreement CPR and the TCRC negotiated in September.