The Interactive Advertising Bureau (IAB) is seeking public comment from all angles of the advertising industry as the organization launches a refresh of its General Terms for Digital Advertising Agreements.
The initial terms were created in May 2001, and outline a consistent set of terms that can be used across all types of advertising and marketing agreements.
But officials at the IAB say the General Terms have not kept up with changes in the media and advertising industries, and new formats and transaction types necessitate a complete refresh that involves hitting the metaphorical reset button and starting anew.
“The original terms were created nearly a quarter of a century ago,” Michael Hahn, the Executive Vice President and General Counsel at IAB, said in a statement. “This initiative brought together brands, agencies, publishers, ad tech, and legal experts to create something that truly reflects how the digital advertising business operates today — and prepares us for where it’s headed next.”
The updated terms announced this month are part of a year-long, cross-functional effort led by nearly 280 IAB member companies, including major firms like Omnicom and Publicis, brands like Unilever and Bayer, and publishers like NBC Universal and Hearst.
Central to the update is a new “modular framework” that will allow and support all kinds of digital transactions taking place in the market today. The updated General Terms include a standardized foundation that supports most deal types, “making it easier for all sides of the ecosystem to transact efficiencly,” an IAB spokesperson said.
“This modular structure gives the industry what it’s been missing: a balance of consistency and flexibility,” said Angelina Eng, the Vice President of Measurement, Addressability and Data Center at IAB. “Once adopted, these terms will help our ecosystem scale more efficiently, with less negotiation, lower legal overhead, and better alignment.”
“Publishers have been asking for this for years — a standardized framework that reflects how deals are actually done today,” said Rob Beeler, the Founder & CEO of Beeler.Tech. “This is a big win for the entire industry.”
IAB is seeking public comment from all stakeholders in media and advertising on the new General Terms, which can be reviewed by clicking or tapping here. The public comment period is open through July 21.
