International Cricket Council chief executive, Malcolm Speed, said that both parties had made concessions in the interests of resolving this dispute.
In October, the WICB and WIPA invited the The ICC and the Federation of International Cricketers Associations (FICA) to see if the game's international governing body and the representative body for all recognised player associations could resolve the matter.
As part of this invitation, both the WICB and WIPA agreed that they would accept and abide by the agreements reached by the ICC and FICA.
"To reach agreement, both sides have made concessions in order to reach a sensible, balanced and pragmatic solution to what is a difficult and complex issue," said Speed.
"The agreement reached between the ICC and FICA provides the WICB with certainty in exploiting its commercial rights and deals with the issues raised by the the players."
FICA chief executive, Tim May, said that the agreement would remove the issues that had previously resulted in some West Indian players not being considered for selection.
Both Speed and May deferred to the WICB and WIPA to determine what, if any, details of the agreement should be made public.
"The issues involved are complex and commercially sensitive. The ICC and FICA have reached agreement only in the last day or so and the documentation is only now being forwarded to both parties," said Speed.
"They will need the opportunity to understand the detail of what has been agreed and to explain it to their own stakeholders. From the WICB perspective, it will obviously need the opportunity to speak with its members and with its commercial partners before it and its players' association could consider what, if any, details of the agreement should be made public."
May said that WIPA would also need the opportunity to brief its members before it would be able to release any details of the agreement.
