A peace treaty is a formal agreement between parties to end hostilities and establish terms for peace. Typically negotiated after a conflict, peace treaties outline the conditions for cessation of violence, territorial adjustments, reparations, and future relations. They aim to create a framework for sustainable peace and stability, often requiring both sides to make concessions. The success of a peace treaty depends on adherence to its terms and the ongoing commitment of the involved parties to resolve disputes amicably.