The first part was an agreement under which the childless and deathly ill Ottokar IV, the first and last Styrian duke from the Otakar dynasty who had contracted leprosy while on the Third Crusade, was to pass his duchy to the Austrian duke Leopold V and to his son Frederick from the Franconian Babenberg dynasty, under the stipulation that Austria and Styria would henceforth remain united forever.
[1] The territory of Styria at the time went far beyond the modern Austrian state of Styria, and included lands not only in modern Slovenia (Lower Styria), but also in Upper Austria, more precisely the Traungau region around the cities of Wels and Steyr, as well as the present-day districts of Wiener Neustadt and Neunkirchen in Lower Austria.
The case of succession came to pass upon Ottokar's death in 1192, Styria has since then remained connected to Austria.
The Georgenberg Pact thus was the first step towards the creation of a complex of "hereditary lands" of the Habsburg monarchy.
The Pact formed an integral part of the Austrian constitution until the Revolutions of 1848.