According to the provisions in the agreement, the Icelanders were to bear taxation from the Norwegian king, but in exchange they were to receive a code of laws, guaranteed peace and reliable transportation and shipping between Norway and Iceland.
Menurut perjanjian ini, orang Islandia harus membayar pajak kepada Raja Norwegia, tetapi sebagai gantinya mereka memperoleh undang-undang, jaminan perdamaian serta sarana transportasi antara Norwegia dengan Islandia.