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Agreement calls for celebration by party at last (6)

Ross

I believe the answer is:

treaty

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'agreement' is the definition.
(treaty is a kind of agreement)

'celebration by party at last' is the wordplay.
'celebration' becomes 'treat' (I've seen this before).
'by party at last' becomes 'y' (I can't justify this - if you can you should give a lot more credence to this answer).
'treat'+'y'='TREATY'

'calls for' acts as a link.

Can you help me to learn more?

(Other definitions for treaty that I've seen before include "alliance" , "Yatter (anag.)" , "Compact; concordat" , "Formal agreement between two or more countries" , "International agreement" .)

I've seen this clue in The Hindu.
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