The governments have decided to publish the document to see what was on offer.
The issue of photographing IRA weapons - the key outstanding issue for both sides - appears only once on paragraph five of page 16.
The proposals focus on the four areas which the governments saw as key to getting a deal:
The full power-sharing arrangements would follow as quickly as possible - probably in February 2005, due to the time needed to pass legislation at Westminster.
The proposals include a new ministerial code which would bind the executive to the principles of cross-community power-sharing, such as equal treatment of people from both traditions, fair prioritising of policies and so on.
A revised pledge of office would seek to address similar issues. Separate measures would also be introduced to give the assembly members more power to scrutinise ministerial decisions. Assembly members would also gain powers to approve or reject the executive when it is first formed. Finally, the government would ditch its powers to suspend the Assembly.
Policing and justice
Downing Street said that if republicans agreed to support the new police service, the government could devolve responsibility for policing and justice to the assembly - ultimately leading to minister or ministers for these areas in the power-sharing body.
This move would depend on Sinn Fein calling a special party conference known as an Ard Fheis to debate policing. It would be asked to approve the party nominating members for the community board that governs the police service, leading the way to more members of the nationalist community joining the force.
Statements: The IRA
The governments also proposed a form of words for a statement from the IRA.
This statement would recognise a just and lasting piece had been secured and, crucially, resolve what the IRA describes as the causes of conflict .
This would mean the IRA could move into a new mode as part of the transition to a totally peaceful society.
It would conclude the process to completely and verifiably put all its arms beyond use. Finally, the IRA should declare its members have been given specific instructions not to engage in any activity which might thereby endanger the new agreement.
Statements: Arms inspectors
The International Independent Commission on Decommissioning - the people charged with ensuring paramilitary weapons are dealt with, would also make a statement.
The IICD was to say that two observers would join its monitoring of arms decommissioning, both of these being clergymen. There witnesses would be able to make public statements about the process.
A further proposal was that photographs of the weapons and material would be taken by the commission and subsequently shown to the governments and parties. This would coincide with the body's final report on the IRA and then would be published when the executive takes power.
Statements: Democratic Unionists
The DUP were to say that they welcomed the new agreement and that it significantly benefits the whole community.
Following confirmation that IRA arms have been dealt with, the party would be prepared to participate in the new arrangements. It would then urge loyalist paramilitaries to follow the IRA's example and dispose of their arms too.