The terms of the agreement were not released.
The Met announced that the contract deadline has been extended through midnight Aug. 19, to allow Local One and the other remaining unions with unsettled contracts more time to secure new deals with the institution.
The opera had previously set a deadline of July 31 to reach an agreement in negotiations, but the deadline was extended due to the completion of an independent financial analyst performing a due diligence financial study of the Met.
As Playbill.com previously reported, the opera company's general manager, Peter Gelb, had advised union members to prepare for a lockout if an agreement was not reached by July 31.
Gelb has cited ticket sales, rising operating costs and a depleted endowment as contributing to the financial problems.
The union's proposals include decreasing the number of new productions, shortening rehearsals and lowering ticket prices. Additionally, the American Guild of Musical Artists, which represents singers, dancers and stage managers, presented a proposal for a series of two-percent raises over each of the next three years.
Visit metopera.org for more information.