THE DEAL
The deal titled the Islamabad Memorandum of Understanding between the United States of America and the Islamic Republic of Iran - sees most of the difficult issues deferred, including how to wind down Iran's nuclear programme, until a final deal is reached.
A two-month negotiating period now begins, with the much-anticipated reopening of the Strait of Hormuz as the first step.
Under the terms of the deal released by US officials, Iran will dilute its enriched uranium stocks, possibly by "down-blending on site under the supervision of the IAEA" - the UN's nuclear watchdog.
Down-blending involves mixing enriched uranium that can be refined to make atomic bombs with depleted uranium, to reduce its radioactivity.
Other items from the agreement include ending the war on all fronts, including in Lebanon.
Under the text, Washington also commits to immediately waive oil sanctions crippling Iran's economy.
And once a final agreement is reached on Iran's nuclear programme, the US will also facilitate the release of a US$300 billion reconstruction fund supported by regional nations, the deal says.
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