The Delhi Agreement, signed on July 2, 1972, between the then-prime minister of India, Indira Gandhi, and the then-prime minister of Pakistan, Zulfikar Ali Bhutto, was a historic moment in the history of the subcontinent. The agreement aimed to bring an end to the conflict that had erupted between India and Pakistan over the state of Jammu and Kashmir. The terms and conditions of the agreement were as follows:

1. Ceasefire: The first and foremost term of the agreement was a ceasefire between India and Pakistan. Both countries agreed to cease all hostilities against each other.

2. Line of Control: The second term of the agreement was the establishment of a Line of Control (LoC) that would divide the state of Jammu and Kashmir between India and Pakistan. The LoC was to be respected by both countries and any violation of it would be considered a violation of the agreement.

3. Prisoners of War: The third term of the agreement was the release of all prisoners of war (POWs) and civilian detainees held by both India and Pakistan.

4. Refugee Rehabilitation: The fourth term of the agreement was the rehabilitation of refugees on both sides of the LoC. Both countries agreed to take measures to facilitate the voluntary return of refugees to their homes.

5. Resumption of Diplomatic Relations: The fifth term of the agreement was the resumption of diplomatic relations between India and Pakistan.

6. Normalization of Trade Relations: The sixth term of the agreement was the normalization of trade relations between India and Pakistan. Both countries agreed to take measures to facilitate trade between them.

7. Final Settlement of Jammu and Kashmir: The seventh and final term of the agreement was the commitment of both India and Pakistan to resolve the Jammu and Kashmir dispute through peaceful means, including bilateral negotiations.

In conclusion, the Delhi Agreement was an important milestone in the history of the subcontinent, as it helped to ease tensions between India and Pakistan and set the stage for future negotiations. The terms and conditions of the agreement were significant in establishing a framework for resolving the long-standing Jammu and Kashmir dispute.