Often used in historical context to refer to specific events in history where an armistice was declared. World War I ended with the Armistice of 11 November 1918.
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Temporary Pause
It implies a temporary stop to fighting which may not always lead to a permanent peace. The armistice gave the civilians a brief period of respite from the bombings.
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Formal Agreement
It is a formal agreement that is usually documented and recognized internationally. The two countries negotiated an armistice to suspend hostilities.