Update 2:27 p.m. There were some late additions to the last-minute bombing spree, from both sides, but otherwise this seems to be working: 

Do whatever you do to celebrate, y'all. --C.S.

Update 2:11 p.m. So bomb's went off on both sides until the very, very last minutes of the ceasefire. There were reports of rockets being fired on both sides while the the ceasefire was still being announced to the the press. And, yeah, there were air strikes until the last possible second and now there are only drones buzzing and sirens and nerves (and maybe one violation already?). Let's hope this thing holds.

The official stipulations of the Ceasefire agreement, per the BBC's Jon Donnison

1. Understanding Regarding Ceasefire in Gaza Strip

1. a. Israel shall stop all hostilities on the Gaza Strip land, sea and air including incursions and targeting of individuals. 
b. All Palestinian factions shall stop all hostilities from the Gaza Strip against Israel, including rocket attacks, and attacks along the border. 
c. Opening the crossing and facilitating the movement of people and transfer of goods, and refraining from restricting residents free movement, and targeting residents in border areas and procedures of implementation shall be dealt with after 24 hours from the start of the ceasefire. 
d. Other matters as maybe requested shall be addressed. 

2. Implementation Mechanism: 

2. a. Setting up of the zero hour for the Ceasefire Understanding to enter into effect.
b. Egypt shall receive assurances from each party that the party commits to what was agreed upon. 
c. Each party shall commit itself not to perform any acts that would breach this understanding. In case of any observations, Egypt - as the sponsor of this understanding - shall be informed to follow up. 

Israeli's Vice Prime Minister offered this preview of what might happen if this thing doesn't work: 

--Connor Simpson

Update 12:50 p.m. Ahhh, here we go. We now have the first few details of the details in the ceasefire thanks to the AP. It appears to be a two-stage process. Both sides have agreed to stop firing, and contingent on that truce and 24 hours of peace the blockade will be lifted:

The official said Israel would cease all military activity against the Hamas-ruled Gaza Strip and Palestinian militants would cease rocket attacks into Israel. After 24 hours of quiet, Gaza’s border crossings with Israel would be opened further to allow freer movement of goods and people.

Egypt would be the guarantor of the deal, according to the official, who spoke on condition of anonymity because he was not authorized to speak to the media.

Update 12:33 p.m.: Hillary Clinton is now speaking at a joint press conference with Egyptian President Mohamed Morsi and is announcing the ceasefire which will go into effect in a little over an hour:

Original: It appears a ceasefire agreement between Palestinians and Israel has been brokered and will go into effect at 9 p.m. Cairo time. Here's the Reuters scoop:

Reuters also has word on the ceasefire from Hamas: 

And one more: 

The details of what that ceasefire entails are a bit thin right now, but there's this detail from Israeli sources that the blockade will remain in tact: 

Here's a bit more detail from the BBC's Paul Danahar about what time the announcement will be made: 

And there's this report that Hillary Clinton will be announcing the ceasefire at the top of the hour:

Again, there have been false ceasefire reports before, and we'll be updating this post as soon as find out more details.