This chapter provides an analysis of the Israel-Jordan Peace Treaty of 1994, which emerged as a unique case because of its importance and geographic context. Of particular importance are Article 6 and Annex II (included in the Appendix of the 1994 Peace Treaty), which address water-related matters. In this chapter, the 1994 Peace Treaty will be referred to as the “Treaty,” whereas Annex II of the Treaty (“Water Related Matters”) will be referred to as the “water agreement.” Putting emphasis on the significance of water-sharing equity, this chapter provides a brief background to the nature of the water crisis between Israel and Jordan, focusing on the lack of equity in water allocation as a profound element of the water conundrum that permeates through almost every aspect of these diplomatic efforts. A critical part of the analysis of the Treaty provided in this chapter connects it to other related matters that impacted the Treaty, its outcome and implementation, making reference to issues related to the Palestinians and to Syria, as they appear relevant to the Israeli-Jordanian relations, negotiations, and treaty formation. Using the logic model as a guiding principle for the analysis, this chapter provides an assessment of the 1994 Israel-Jordan Peace Treaty in order to draw lessons and conclusions that will be useful in future water negotiations.