It included the elevation of the Bavarian frontier march of Austria (Ostarrîchi) to a duchy, which was given as an inheritable fief to the House of Babenberg.
The name is opposed to the 14th century Privilegium Maius, which was a forgery drawn up at the behest of the Habsburg duke Rudolf IV of Austria.
The duke's duty to attend the Imperial Diet was limited to those cases where it convened within the Bavarian lands (ad curias, quas imperator prefixerit in Bavaria), which saved costly traveling throughout the Empire.
Also, Austria was henceforth only required to provide troops to the emperor in wars in its vicinity (in regna vel provincias Austrie vicinas).
Frederick prepared for a campaign to Rome to be crowned Holy Roman Emperor and in order to gain military support wished to end the conflict he had inherited from his uncle.
After the conditions were fixed, the emperor called for another diet in Regensburg on 8 September, where the Babenberger officially renounced the Bavarian duchy, which passed to the Welf Henry the Lion.
To make up for the loss, Austria with the explicit consent by the Princes of the Holy Roman Empire, led by Duke Vladislaus II of Bohemia, was raised to the status of a duchy.