[1] The agreement was made in 1262–1264 between the major chieftains of Iceland and Haakon IV of Norway, and his son and successor, Magnus the Lawgiver.
The years preceding the signing of the accord were marked by civil strife in Iceland (the so-called Age of the Sturlungs), as the Norwegian king tried to exert his influence through the Icelandic family clans, most notably the Sturlungs.
Under the Norwegian rule, trade links between the two countries increased and Iceland's settlement expanded.
Several possible explanations have been offered for the succumbing of Icelandic chieftains to the Norwegian Crown: The use of the sagas as accurate historical sources has been questioned by historian Patricia Pires Boulhosa who claims Gamli sáttmáli is a much younger document and was used to negotiate with the Norwegian king for the benefit of Icelanders.
[citation needed] Some historians, therefore, questioned the authenticity of the Old Covenant itself, citing that it could be an imaginative reconstruction.