News 2 has obtained a copy of the agreement to provide student transportation between the Charleston County School District and Durham School Services.
The contract first went into effect in 2007, but was extended in June 2012 with some modifications.
Negotiations have been going on since last summer and the biggest issue is drivers' pay and benefits.
As stated in a copy of the agreement, the district pays Durham $8,831,732 per school year.
That number is based on a 2007-2008 unit cost of approximately $134 per bus per day.
The district reserves the right to withhold a portion of the monthly payment due to Durham for non-performance.
There are also specific cost penalties in the agreement.
Each time a school bus misses one trip, the penalty is up to $150 per day per bus.
If a driver misses a stop or fails to pick up a student, they can be assessed up to $100 per incident.
This agreement is an extension of two years.
The second year is contingent upon Durham meeting CCSD's goals and requirements.
And if the state of South Carolina privatizes school bus services, the district has the option to renegotiate the terms of the contract.
The district, South Carolina Department of Education or Durham may terminate the contract for any reason with 90 days written notice.
"Once we get past this short-term situation, that will be the time for more reflection and debate over choices that might be made in the future," Dr. Nancy McGinley, Charleston County School District Superintendent, said.
Any termination of the agreement will not become effective until the end of a school year, unless there are unusual and compelling circumstances that would justify a mid-year termination.
The Teamster's Union released a statement Tuesday afternoon, stating, "We are continuing to negotiate with the company and we are working very hard at the bargaining table. If there are any changes or developments, we will let everyone know."
As of now, the contract expires June 30, 2014.
