standstill agreement n: an agreement providing for the preservation of the status quo for a specified or indefinite period: as
a : an agreement under which litigation is forestalled between two parties
b : an agreement under which a party agrees to refrain from taking further steps to acquire control of a corporation (as by additional purchases of stock)
Source: Merriam-Webster's Dictionary of Law ©1996. Merriam-Webster, Incorporated. Published under license with Merriam-Webster, Incorporated.