Here is more information from the BBC.
The agreement settles the outstanding issues, including the right of return for Palestinian refugees, the control of Jerusalem and Israeli settlements on the West Bank.
Its basic framework looks like this:
* Palestinians would recognise Israel, which would withdraw to its 1967 borders with one or two agreed land transfers
* Palestinians would in effect give up the right of return for the millions of refugees who left or were expelled during previous wars. A few might go back, but only with Israeli agreement. Others would get some compensation
* Jerusalem would be divided administratively though not physically. The most sensitive site, the Temple Mount as Jews call it, or the Noble Sanctuary as Muslims know it, would be under Palestinian sovereignty. An international force would guarantee access for visitors. Israelis would retain the Western Wall (the so-called Wailing Wall) below
* Israel would keep some settlements, especially around Jerusalem, but the large settlement of Ariel in the centre of the West Bank would be included in the Palestinian area
* The Palestinian state would be demilitarised.
The key compromises seem to be over the right of return and the division of Jerusalem.
By giving up their cherished "right of return", Palestinians would abandon hopes of establishing a unitary state of Palestine.
By formally giving up the Temple Mount, Israelis would accept the division of Jerusalem which they have always opposed.
The people behind this document are familiar ones, known from earlier attempts at marking out the way forward, especially the Oslo agreement.
On the Israeli side, the former Labour Minister, Yossi Beilin, is the main figure, but there are others including Amram Mitzna, who briefly led the Labour Party, and author Amos Oz.
Yossi Beilin commented that his critics would say that "this is a bad agreement, that we caved in and gave away everything, but one thing they won't be able to say is that there is no [negotiating] partner."
On the Palestinian side, the leading figure is Yasser Abed Rabbo, a former Palestinian minister who called this "the start of a new era".
The Palestinian leader, Yasser Arafat, is said to have been kept informed, though his level of support is not clear.