The Conservative Party and the Liberal Democrat Party have each released the text of their agreement to form a coalition government (in HTML on the Lib Dem website and as a PDF on the Tory website). The BBC gives a rundown on the areas where each party played a role in setting the agenda and where the parties made concessions.
David Cameron, the new Prime Minister, has also chosen his Cabinet, which includes 5 Liberal Democrats, taking the positions of Deputy Prime Minister, Secretary of State for Business, Innovations, and Skills, Secretary of State for Energy and Climate Change, Secretary of State for Scotland, and Chief Secretary to the Treasury, reflecting the Liberal Democrats’ focus on economic and fiscal issues, as well as the fact that the Tories were only able to win 1 seat in Scotland to the Liberal Democrats’ 11. The Labour Party won a clear majority in that country, with 41 of of the 59 seats in Scotland.
Cameron and Clegg, his new Deputy Prime Minister, also held an approximately half hour long joint press conference: