Real Dictionary

parley
variable noun: A parley is a discussion between two opposing people or groups in which both sides try to come to an agreement.
verb: When two opposing people or groups parley, they meet to discuss something in order to come to an agreement.

parley in American English
a talk or conference for the purpose of discussing a specific matter or of settling a dispute, as a military conference with an enemy, under a truce, for discussing terms
to have a conference or discussion, esp. with an enemy; confer
intransitive verb: to hold an informal conference with an enemy under a truce, as between active hostilities
noun: a discussion or conference

parley in British English
intransitive verb: to confer with the opposing party in a lawsuit with a view to settling the dispute amicably, out of court
noun: a discussion, esp between enemies under a truce to decide terms of surrender, etc
verb: to discuss, esp with an enemy under a truce