A bit of good news broke on Tuesday night as a joint statement from the NBA and the NBA Player’s Association announced that the two sides have reached a tentative agreement on a new Collective Bargaining Agreement (CBA) pending ratification by the league’s players and team owners.

Both sides have agreed to extend its mutual deadline allowing them to opt out of the existing CBA, the date changed from Thursday at 11:59 p.m., to Jan. 13, 2017. This was done to give them ample time to review all terms and hold the separate votes required to ratify the seven-year deal.

There is an opt-out clause for both parties after Year 6 of the deal.

This new deal prevents a league lock-out in the 2017 offseason.

ESPN had reported that control over licensing matters and the use of player likenesses had become a “significant” issue in the latter stages of the labor talks, but ESPN is reporting that those issues have been mostly resolved.

The votes to ratify the deal, which is expected to take place later in the month, is seen as a formality once an agreement is reached.

Although this is a tentative agreement, it appears that the two sides have come to an agreement that will move forward barring any last minute setbacks.