Short answers, pulled from the story.
Representatives from Italy and the Allied Powers gathered in Paris to sign the treaty on the 10th of February 1947. The agreement came into general effect on the 15th of September 1947 after ratification processes completed.
Italy lost control over several territories in the eastern Adriatic region including Cres, Lošinj, Lastovo, Palagruža, Zadar, Rijeka, and the Julian March region which transferred to Yugoslavia or France. Specific islands and border adjustments favored French interests while other areas became part of Yugoslav administration.
The treaty required Italy to renounce all claims to colonies including Libya, Eritrea, and Somaliland effectively dissolving the Italian Empire. Ethiopia gained official recognition as an independent state while Albania received the island of Sazan and gained full independence from Italian control.
Article 74 obligated Italy to pay war reparations to five specific countries valued in US dollars at gold parity on the 1st of July 1946. Payments were made through goods and services rather than direct cash transfers over a seven-year period to Yugoslavia, Greece, the Soviet Union, Ethiopia, and Albania.
Articles 47 and 48 mandated the demolition of all permanent fortifications along the Franco-Italian frontier and banned possession of atomic weapons or guided missiles with ranges exceeding 30 kilometers. The navy had to scuttle all submarines and could not acquire new battleships or aircraft carriers while naval personnel numbers capped at 25,000 and army strength reached a maximum of 250,000 total.