This agreement established trade relations between the two powers and granted Genoa extensive privileges within the empire, including the right to collect customs dues at Galata.

Thrace, the main imperial possession besides the Despotate of the Morea, was still recovering following the destruction of marauding Turkish mercenaries during the civil war.

Faced with an empty treasury after the civil war of 1341–1347, the emperor was forced to raise 50,000 hyperpyra in private loans to quickly build up a fleet in anticipation of the coming conflict.

The Genoese agreed to pay a war indemnity of 100,000 hyperpyra and evacuated the land behind Galata which they illegally occupied; last, they promised never to attack Constantinople.

[1][5] The failure of the Byzantines to expel the Genoese from Galata meant that they could never restore their sea power, and would thenceforth be dependent either on Genoa or Venice for naval aid.