For a few days, the talk of the town is an imminent "deal" between the US and Iran. One that is labelled as a "deal to put an end to the conflict". While that sounds nice on paper, let's once again be reminded of what this actually means. A quick summary:This deal represents a framework agreement/memorandum of understanding (MOU)It will set out the terms and preconditions for the next 60 days as further negotiations continueThe next step in talks will be trying to find a deal on nuclear discussions involving Iran's uranium disposalThe US wants two things from this MOUFirst being an unconditional reopening of the Strait of HormuzSecond is that they want Iran to dismantle its nuclear programme as a precondition before lifting sanctionsIran also wants two things from this MOUFirst being a complete ceasefire on all fronts across the region, that includes LebanonSecond is that they want the US to lift its naval blockade and call for a retreat of its military forces in the regionOne can argue that these puzzle pieces have long been known between the two sides for a while now. But after so much military posturing and arm twisting between them, it is only now that that we are moving to actually trying to work something out.And the issue here is not that the puzzle pieces were not known beforehand. The real challenge is trying to get all of them to fit together, and if they can even hold up for the next 60 days as nuclear discussions begin.On the Strait of Hormuz, it is almost unfathomable to imagine Iran giving up major control over the waterway. This remains their biggest leverage in talks and they will be shooting themselves in the foot in allowing a full reopening.What is likely to happen is that we will see a managed reopening, one without tolls, but expect there to be continued presence by Iran's navy.As for sanctions, Iran wants the US to move first before they decide to move on nuclear actions. The question is how much will the US be willing to budge on the matter. If the US gives Iran an inch, expect Tehran to want to ask for a mile next. We've seen this all before. Delay, delay, delay while getting their way on sanctions. So, will it end up being a 2015 JCPOA repeat?Looking to Iran's demands, the ceasefire in Lebanon will be a tough one to work out. Israel will not be part of this agreement and can act in bad faith to continue the Israel-Hezbollah conflict. And when that happens, will Iran call for an immediate break of the MOU then? Or can the US put a leash on Israel over the next two months? The April ceasefire clearly did not work in this regard, so we'll see.Then, there is the part of the US needing to lift its naval blockade and sound a retreat. Again, this is one that is not going to happen. After so much military posturing, the US knows that in retreating now then it will surrender back all the leverage to Iran again. So, this is another one that will not happen - at least not in full effect.So, what can we conclude from all of this?The terms for a deal are very clear to see as noted above. And all of this is mainly just to facilitate nuclear discussions for the next 60 days. It doesn't mean that the conflict is over and it surely doesn't mean that we can put the war behind us and expect normal service to be resumed in the Strait of Hormuz.The main problem now is trying to put everything together and hope they can stick. If either one of the four terms fail to hold, the whole thing falls apart. And as outlined above, they all have their own challenges and are at risk of coming undone at any point in time. The only question is which side will blink and be willing to let some things go?If not, it doesn't matter if it is 30 days or 60 days. If one puzzle piece fails to fit, the whole picture cannot be completed regardless. This article was written by Justin Low at investinglive.com.