DETROIT (WWJ) – Calling the deal good for business and good for employees, General Motors and the United Auto Workers union reaching a new tentative agreement, just 17 minutes before the midnight deadline.

The UAW calls its new four year deal with GM “transformative” reports WWJ AutoBeat Reporter Jeff Gilbert.

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“They could have the richest job contract in the world, and if the jobs disappear – that wouldn’t be much of a gain.” said University of California-Berkeley Labor Professor Harley Shaken says it certainly has strong job security.

A statement released by the UAW said in part that the bargaining committee unanimously voted to send the proposed Tentative Agreement to local union leaders who make up the union’s UAW National GM Council. The Council will meet in Detroit on Wednesday to discuss and vote on the agreement.

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“We believe that this agreement will present stable long-term significant wage gains and job security commitments to UAW members now and in the future,” said UAW President Dennis Williams. “We look forward to presenting the details of these gains to local union leaders and the membership.”

UAW Vice President Cindy Estrada called the agreement transformative as it gives our members a clear path. “The significant gains in this agreement are structured in a way that will provide certainty to our members and create a clear path for all GM employees now and in the future. The agreement not only rewards UAW-GM members for their accomplishments, but it protects them with significant job security commitments.”

Most expects expect that the deal will follow the basic pattern in terms of wages and an eight-year phase in to bring second-tier workers up to full pay. But because GM is more profitable than Fiat-Chrysler bonuses paid to workers could be higher as could profit sharing – there could also be more commitments for U.S. products.

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GM local leaders will meet Wednesday to go over the deal. Until the UAW National GM Council votes to approve the deal, it is classified as a Proposed Tentative Agreement.