The most common and most likely answer to this crossword clue is the 5 letter word PACTS
I've seen this crossword clue in The Daily Telegraph
P
A
C
T
S
Buddy explains!

The straight part
We know that "agreements" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case agreements = pacts.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does PACTS mean?
PACTS noun- An agreement; a compact; a covenant.
- An agreement between two or more nations
- To form a pact; to agree formally.