It was signed during the brief reign of John VII Palaiologos, after fourteen years of fruitless negotiations for the renewal of the previous treaty. It also reiterated the debts owed by the Byzantine emperors to Venice: 17,163 owed as reparations for damages to Venetian merchants, to be paid in five annual installments; 30,000 gold ducats with interest for the crown jewels pawned during the Byzantine civil war of 1341–1347; and 5,000 ducats lent to John V Palaiologos in 1352. The treaty provided the basis for all subsequent Venetian–Byzantine treaties, being renewed almost verbatim in 1406, 1412, 1418, 1423, 1431, 1436, 1442, and finally in 1447.
