UPS Inc. and the Teamsters union will return to the bargaining table next week after what will be a roughly three-week hiatus in an effort to hammer out a new five-year term contract just days before the old one expires.

In a statement, UPS (NYSE: UPS) said that “we are pleased to be back at the negotiating table next week to resolve the few remaining open issues. We are prepared to increase our industry-leading pay and benefits, but need to work quickly to finalize a fair deal that provides certainty for our customers, our employees and businesses across the country.”

In its own statement, the Teamsters said UPS had agreed to resume talks after buckling to pressure from the union.

Talks stalled July 5 over the issue of part-time wage increases.

The Teamsters have said they will strike Aug. 1 if a contract isn’t accepted by the union’s negotiating committee. Should union negotiators agree to a handshake deal, work is expected to continue until the 340,000 rank and file review and ratify the agreement. That process is likely to take about three weeks, the union has said.