The American Association of Advertising Agencies and the Internet Advertising Bureau have reached agreement on a voluntary code for online media buying.

The duo have agreed a number of terms and conditions for buyers of web media, such as the sequential liability for bills. Also part of the accord are criteria for campaign cancellations and recommendations for the publication of privacy policies.

The concordat’s actual impact on the ailing online ad industry is as yet uncertain, but both parties are confident that the new guidelines will help make internet media easier to supervise.

Commented Mike Donahue, executive vp–member services at the AAAA: “I think we have come to a great meeting of the lives with the IAB on this thing.”

The two bodies now intend to tackle other online ad issues, not least the measurement of third-party ad serving, concerning which the duo, aided by an audit from PriceWaterhouseCoopers, intend to draw up more guidelines.

News source: Advertising Age - Interactive Daily