Meaning of the word "mutual agreement" in English

What does "mutual agreement" mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

mutual agreement

US /ˈmjuːtʃuəl əˈɡriːmənt/
UK /ˈmjuːtʃuəl əˈɡriːmənt/

Phrase

a decision or understanding reached by two or more parties after discussion and with shared consent

Example:
The terms of the contract were settled by mutual agreement.
They decided to end their partnership by mutual agreement.