The phrase "now the following is hereby agreed" is a formal way of stating that a certain agreement has been reached. Synonyms for this phrase include "herein agreed," "hereby established," and "hereafter finalized." Other options for expressing the same sentiment include "it is hereby resolved," "the following is set forth," and "the parties have come to the following understanding." These phrases are often used in legal or business contracts, and they serve as clear indications that all parties involved have reached a consensus and are now moving forward with their agreed-upon terms.