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Canadian Pacific and the Teamsters Canada Rail Conference (TCRC) have reached an arbitration decision and agreement for the Class I's Canadian conductors and locomotive engineers, the company announced yesterday.CP and the TCRC went into government mandated arbitration on May 15. The agreement will expire Dec. 31, 2017."This is a great deal for CP, its employees, customers and shareholders, and a step in the right direction for all stakeholders," said CP President and Chief Operating Officer Keith Creel in a press release.CP will continue to push TCRC leadership on a model that allows the railroad to "properly schedule crews, provides mandatory rest options and maintains the highest standards of safe railroading," the press release stated.The labor agreement comes as CP is in the midst of a takeover bid for its Class I rival Norfolk Southern Corp. On Tuesday, NS rebuffed CP's second buyout offer.