The Chesapeake and Potomac Telephone Co. and the Communications Workers of America have reached a tentative contract settlement, spokesmen for both said yesterday.

"It is a good contract, both from an employe and a company standpoint," C&P spokesman Robert S. Givler Jr. told Associated Press yesterday.

The contract affects about 32,000 C&P employes in the District of Columbia, Maryland, Virginia, and West Virginia.

C&P's parent company, American Telephone and Telegraph co., reached tentative agreement on new three-year national contracts with its three unions last week. The national agreement, reached about three hours before the Aug. 9 midnight deadline, averted a walkout by the company's 700,000 unionized workers. The deadline for settlement of local issues for the separate operating companies was a week later, midnight Saturday, Aug. 16.

No details on the contract were released yesterday and various spokesmen appeared to disagree about when the tentative settlement was reached. A C&P spokesman said the agreement was reached at 11:59 p.m. Saturday; a CWA spokesman said the contract was settled after midnight.

Some brief picketing took place after the midnight deadline at C&P offices in Washington, Baltimore and some other cities, but it apparently didn't last very long, ending when word of the agreement was received less than a half hour later.

The tentative agreement has to be ratified by union members. Details of the tentative agreement will be released later this week, spokesmen said.