Here's an excerpt from the announcement:
Specifically, the agreement:
Expands the scope of Google and University of Michigan's partnership:
The University of Michigan continues its tradition of leadership in library digitization by being the first library to expand its partnership with Google under the terms of Google's settlement agreement with a broad class of authors and publishers. The principles underlying the new agreement are to ensure access to our collection, to provide a solid foundation for future research and study, and to provide the greatest public good for patrons of libraries around the US.
Broadens public access to University of Michigan's collections:
Once the settlement is approved by the court, readers and students throughout the US will enjoy the benefits of University of Michigan's collections, including free previews, the ability to buy access to University of Michigan's books online, and institutional subscriptions.
Supports shared services with other libraries:
The agreement empowers University of Michigan to broaden public access to its collection by using digital files of books that Google scans to strengthen and support initiatives like HathiTrust.
Provides greater digital access to University of Michigan's collections for students and faculty:
University of Michigan will get a digital copy of every book held in their collection, whether it's scanned from Michigan or at another library.
Broadens access to public domain books from University of Michigan's collection:
The University of Michigan will be able to share digital copies of public domain works Google has digitized from its collection with fellow academic institutions, libraries, and other organizations for non-commercial purposes. These provisions enable Michigan to share its digital library collection with students, scholars, and other library users around the world.
Subsidizes University of Michigan's Institutional Subscription:
If approved by the court, Google's agreement with authors and publishers allows it to make millions of digitized books available to colleges and universities via a subscription. Under our new agreement, Google will subsidize the cost of Michigan's subscription based on the number of books scanned from Michigan. In practice, this means that Google will subsidize the entire cost of Michigan's institutional subscription–so that Michigan's students and staff will be able to access and read almost every book Google has digitized from 29 libraries around the world, for free.
Expands access for students, faculty, and patrons with disabilities:
Google will make public domain works digitized from Michigan's print library collection accessible to users with print disabilities in the same ways as in-copyright books covered under the settlement agreement.
Safeguards the public's access to knowledge:
Michigan's agreement includes collective terms Google has committed to that can be enjoyed by any of Google's other partner libraries. Michigan is the first university to sign on to these terms, which give libraries new ways to help safeguard the public's access to these books.
Establishes a mechanism to review prices:
Our agreement gives Michigan and other participating libraries the power to review the pricing of Institutional Subscriptions to make sure that they are priced for "broad penetration," as required by the settlement agreement. That means that the reviewer will evaluate whether subscriptions are affordable enough to allow universities, libraries, and other institutions across the country to take advantage of them.
If they determine that prices are too high, University of Michigan and other participating libraries who sign these collective terms can challenge the prices through arbitration, and Google will be required to work with the Registry to adjust the pricing accordingly.
Ensures access to millions of books for generations to come:
Google has committed to make the books it has scanned publicly available for free search, consumer purchase, institutional subscriptions, and other services established by the settlement agreement. Our agreement ensures that libraries and their patrons can continue to use digital copies of the millions of books Google has scanned well into the future, even if Google goes away.
Also see the press release.