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The phrase "agreement is set" is correct and usable in written English.
It can be used to indicate that a consensus or arrangement has been established and finalized.
Example: "After several discussions, we are pleased to announce that the agreement is set and both parties are ready to move forward."
Alternatives: "agreement is finalized" or "agreement is established".
Exact(20)
The agreement is set to expire in five years.
The current transmission agreement is set to expire at midnight Sunday.
The loan agreement is set to run until 26 February and includes our npower Championship match against Hull City".
The collective bargaining agreement is set to expire in July, and there has been little progress on a new deal.
The existing collective bargaining agreement is set to expire at the end of that season, and the two sides remain some way apart over a number of issues.
The collective bargaining agreement is set to expire Sept. 15, when the N.H.L. says it will lock out players if a new deal has not been reached.
Similar(38)
A tentative agreement was set April 5, but then collapsed".
The current agreement was set to expire after the 2004 season.
The advisory agreement was set to expire on July 1, though Icahn retained the right to end the contract earlier.
But through that rough stretch, America Online and Time Warner executives said that they remained committed to each other and that the terms of agreement were set.
That agreement was set to expire later this month, but on August 6th ICE announced an overhaul of America's approach to detention.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com