Here’s my translation

Alan

Annat sumar eftir á alþingi sagði Þórðr upp gerðunum. 
[The] next summer after at [the] Althing Þórðr delivered the-arbitration.

Sú var gerð hans á hendr Þorvaldi, at hann skyldi fara utan þá samsumars ok vera utan fimm vetr, nema hann færi á fund páfa ok sættist við hann ok fengi þat af honum, at hann væri utan þrjá vetr. 
That (fem sg dem art) was his arbitration against Þorvaldr, that he should journey abroad then in-the-same-summer, and be (stay) abroad five winters, unless he should/would-journey to a meeting of (ie go to visit) [the] pope and come-to-terms with him and should/would-obtain that from him, that he should/would-be (stay) abroad three winters. (ie an offer of a two winter discount conditional on visiting the pope).

En er hann kæmi út ok hefði svá í brott verit, þá væri heimil vist hans í Vatnsfirði, bústaðr ok þingmannavarðveizla, en Þorvaldr skyldi vera óheilagr milli Vatnsfjarðar í Breiðafirði ok Stiga í Ísafirði ok allir þeir menn, er fóru til aftöku Hrafns, ok skyldu aldri koma í þetta takmark, nema þeir yrði sæhafa nauðgir, þá skyldu þeir fara á brott fullum dagleiðum. 
But (And) when he should/would-come out (ie return to Iceland) and should/would-have been thus away, then his abode would-be entitled [to him] in Vatnsfjörðr, a dwelling-place and [the] keeping-of-liegemen, but Þorvaldr should be outlawed (<úheilagr>) between Vatnsfjörðr in Breiðafjörðr and Stigi (Ladder?) in Ísafjörðr, - and all those persons (men) who journeyed to [the] slaying of Hrafn, - and [they] should never come into (ie cross) this boundary, unless they became (ie were) driven-off-course against [their] will, then they should journey away on a full day´s-journey.

Allir menn skyldu vera ór þingi frá Þorvaldi, þeir er byggðum váru í Súgandafirði ok vestr þaðan, í því takmarki, sem áðr var tját. 
All persons (men) should be (ie stay) out of [the] district [<þing>, Z3?) away-from Þorvaldr, those who were with an abode in Súgandafjörðr (‘Sucking’-fjord ?) and west from-there, [with]in that boundary, which already was related.

Þessir fjórir menn skyldu utan fara ok koma aldrigi út: Þorgils Austmaðr, Steingrímr Ásgeirsson, Þórðr Gunnarsson, Bárðr Bárðarson, ok vera ór Vestfirðingafjórðungi at inum næsta hálfum mánuði þaðan frá, er þeir spyrði gerðina. 
These four persons (men) should journey abroad and come never out (ie return to Iceland): Þorgils [the] Easterner, Steingrímr Ásgeirr’s-son, Þórðr Gunnarr’s-son, Bárðr Bárðr’s-son and be (stay) out-of [the] Quarter of [the] West-Fjord’s folk during the next half month from that [time], when they were-informed-of the-arbitration.

Þeir Bjarni djákn ok Kolbeinn Bergsson skyldu vera sekir um allt land nema í Austfjörðum. 
They Deacon Bjarni and Kolbeinn Berg’s-son should be condemned-to-outlawry throughout all [the] land except in Austfirðir ([the] East Fjords).

Ormr Skeggjason skyldi eigi vera í Dýrafirði ok eigi í Ísafirði. 
Orm Skeggi’s-son should not be (stay) in Dýrafjörðr and not in Ísafjörðr.

Þórðr Steinsson skyldi ok svá sekr sem Ormr. 
Þórðr Steinn’s-son should also condemned-to-outlawry like Ormr.

Allir menn aðrir skyldu hafa slíka sekt sem Þorvaldr án utanför ok gjalda þó fé, þrjú hundruð fyrir mann, til þess at þeim sé landvært. 
All other persons (men) should have a similar penalty as Þorvaldr without [the] journey-abroad and pay nevertheless money, three hundred for a (per?) person (man), until [it] be open-for-residency-in-the-country for them. (ie until they were free to reside in the country again, ie presumably when the period of their outlawry was over).

En með þessum mannsektum gerði Þórðr fyrir víg Hrafns hundrað hundraða. 
But (and) with these penalties-paid-in-one’s-person, Þórðr fixed-a-fine of a hundred hundreds (h = 120) for [the] slaying of Hrafn.

Þat fé skyldi gjalda í gulli eða silfri, en því at eins annat fé, ef þeim, er við tæki, þætti þat eigi verra. 
[One] should pay that money in gold or silver, but (and) only in that case (see <því at eins> under <einn>, Z7) other money/property, if to those, who would receive [it], that would-seem (would be reckoned) not worse.

Fyrir afhögg við Sturlu váru gervir þrír tigir hundraða, fyrir afhögg Þórðar Vífilssonar þrír tigir hundraða, fyrir fjörráð við Pétr Bárðarson þrír tigir hundraða. 
For [the] hewing-off (mutilation) against Sturla thirty (three tens of) hundreds (h = 120) was fixed (as the fine), for [the] hewing-off (mutilation) of Þórðr Vífill’s-son thirty (three tens of) hundreds (h = 120), for [the] plotting-against-the-life of Pétr Bárðr’-son (three tens of) hundreds (h = 120).

Fyrir aðild vígsakar eftir Hrafn váru gervir þrír tigir hundraða til handa Magnúsi Þórðarsyni, systursyni Hrafns, er vígsakaraðilinn var, því at synir Hrafns váru þá svá ungir, at þeir máttu eigi vera vígsakaraðilarnir. 
For [the] prosecutorship of [the] manslaughter-suit vis-à-vis Hrafn (three tens of) hundreds (h = 120) was fixed on behalf of Magnúss Þórðr’s-son, nephew (sister’s-son) of Hrafn, who was the-manslaughter-suit-prosecutor, because Hrafn’s sons were then so young, that they could not be the-manslaughter-suit-prosecutors (plural).

Þessi tvau hundruð hundraða guldust eftir því, sem Þórðr Sturluson vildi.
These two hundred hundreds (must be tólfroett, ie h = 120, for the sums to add up ) were-paid vis-à-vis that, as Þórðr Sturla’s-son wanted.