The British and Irish governments have published the text of a draft deal aimed at restoring power sharing in Northern Ireland.
Secretary of State Julian Smith and Tánaiste (Irish Deputy Prime Minister) Simon Coveney made the announcement at a press conference at Stormont on Thursday evening.
The move came three years to the day since devolution collapsed in Northern Ireland.
If agreed, the deal, entitled New Decade, New Approach, will see the assembly reconvene on Friday.
Mr Smith, who has written to the assembly speaker asking him to convene a sitting on Friday, said the deal will transform public services and restore public confidence in devolved government.
He asked all parties to support it, saying: “Now is decision time, there is something in this deal for everyone.”
The secretary of state said accepting the deal would also bring about the parties’ commitment to immediately ending ongoing industrial action by healthcare staff.
It includes pay parity, a new action plan on waiting times and delivering reforms on health and social care.
Simon Coveney said the path that led to this point had taken longer than many people thought.
He said it was “based on the extensive discussions and collective work undertaken by the parties since May last year, following the awful murder of Lyra McKee” and added: “Forget win or lose… this is a deal full of compromises.”
He also said the politicians need to “step up and fully represent their citizens”.
“There is no need, and no public patience, for more process and more discussions. It is time for political leadership and a collective commitment to making politics work for people.”
What’s in the draft deal?
The deal would also see legislation created for the appointment of both an Irish language commissioner and an Ulster Scots commissioner.
Meanwhile, it says there is to be “meaningful reform” of the petition of concern – in that a petition can only be valid if 30 MLAs from two or more parties sign it.
The petition would not be available any longer for standards motions and when it comes to legislation, a petition would only apply after the second stage of a bill.
How have the parties reacted?
In a statement, DUP leader Arlene Foster said: “On balance, we believe there is a basis upon which the Assembly and Executive can re-established in a fair and balanced way.”
The statement added: “This is not a perfect deal and there are elements within it which we recognise are the product of long negotiations and represent compromise outcomes. There will always need to be give and take.”
Sinn Féin president Mary Lou McDonald TD said her party was “studying the text and will give it careful consideration”.
“The Sinn Féin Ard Chomhairle will meet tomorrow to fully assess it,” she added.
The Ulster Unionists said they would attend the sitting and consider the business put before them if the assembly is recalled on Friday.
Its leader, Steve Aiken, said: “We will consider this complex and far reaching document carefully and consult widely within our party before making any further comments.”