In his new role, Bunau-Varilla negotiated the Hay-Bunau-Varilla Treaty of 1903, which provided the United States with a 10-mile wide strip of land<span> for the </span>canal<span>, a one-time $10 million payment to </span>Panama<span>, and an annual annuity of $250,000. The United States also agreed to guarantee the independence of </span>Panama<span>.
