The term 'SAILOR's Agreement' is a phrase used to describe an agreement between two or more sailors. It is a contract that outlines the responsibilities and duties of each SAILOR, as well as the terms of the agreement. The term 'AYE' is a three-letter word that is used to signify agreement or acceptance of a proposal. In the context of a SAILOR's Agreement, it is used to signify that all parties involved have agreed to the terms of the agreement.