After a withdrawal in the contracting process in March, the US Government via the National Telecommunication & Information Administration (NTIA) renewed its contract with ICANN for the IANA operations functions earlier this month. The new contract begins in October of 2012 with an initial 3 year term. Two 2-year terms are included as options in the contract. There was some speculation back in March as to the reasoning behind the awkward process, but a reset appears to have renewed the contract as was originally expected.
Copies of the contract are linked from the NTIA’s website for those who want to dig into the details of the new agreement.
ICANN has also posted their proposal to the US Department of Commerce on their website.