The terms of the new agreement provided for a new sixty-year concession. The agreement reduced the area under APOC control to , required annual payments in lieu of Iranian income tax, as well as guaranteeing a minimum annual payment of 750,000 pounds to the Iranian government. These provisions while appearing favourable, are widely agreed to have represented a squandered opportunity for the Iranian government. It extended the life of the D'Arcy concession by an additional thirty-two years, negligently allowed APOC to select the best , the minimum guaranteed royalty was far too modest, and in a fit of carelessness the company's operations were exempted from import or customs duties. Finally, Iran surrendered its right to annul the agreement, and settled on a complex and tediously elaborate arbitration process to settle any disagreements that should arise.