Mediator Vicki Martin called the meeting and, according to teacher's association representative Russ True, was "instrumental in bringing this to closure."
"Vicki moved both sides along nicely," True said.
Because either side has not ratified the contract, details are not available.
True did say the contract would bring the corporation "up to date."
The next step in pushing the tentative agreement through is informational sessions for the general members of the teacher's association.
"Our job right now is to make sure our members are educated and understand (the agreement) enough to make an informed decision," True said.
True said he hoped to have the informational meetings this week, with a vote coming by Monday.
The school board also needs to ratify the contract, but may take longer because the board cannot meet without a publicly announced meeting.
True believes the teachers will approve the contract.
"I'm very excited. I'm relieved that I'm actually seeing a light at the end of the tunnel, and I can darn near touch it," True said.
Before the meeting began, teachers arrived to show their support for the bargaining team.
Stickers with the number five were passed out, and teachers were encouraged to stay through the meeting.
True addressed the crowd before the bargaining team went into the media center, thanking them for their support.
True asked the teachers to sign a poster of support for the Nettle Creek School Corporation in eastern Indiana because they are going through similar negotiation difficulties.
True also thanked the crisis team, adding, "these people have done outstanding work for this association."
Indiana State Teacher's Association Vice President Teresa Meredith was also present, and addressed the teachers.
"I'm hoping that tonight is a hopeful sign," Meredith said before the meeting.
Bargaining began at 5 p.m. Monday night.