NBA collective bargaining agreement

The collective bargaining agreement (CBA) of the National Basketball Association (NBA) is a contract between the league (the commissioner and the 30 team owners) and the National Basketball Players Association (NBPA), the players' union, that dictates the rules of player contracts, trades, revenue distribution, the NBA draft, and the salary cap, among other things. In June 2005, the NBA's 1999 CBA expired, meaning the League and the players' union had to negotiate a new agreement; in light of the 2004–05 NHL lockout, the two sides quickly came to an agreement, and ratified a new CBA in July 2005.

Source: Wikipedia — NBA collective bargaining agreement (CC BY-SA 4.0)