The Institute of Practitioners in Advertising, the Interactive Advertising Bureau and the Incorporated Society of British Advertisers have set out a series of terms and conditions for trading online media in a bid to ease the buying process.

The trio have agreed a voluntary framework to help increase efficiency and improve relations between buyers and sellers without effecting competition or contractual agreements.

Designed to ensure greater transparency and consistency in the buying process, the framework covers (among other things) data provision, billing, acceptance of bookings, reporting and payment, credit terms, invoicing, compensation and late copy.

“Advertisers seek openness, transparency and accountability in all their dealings with the media,” commented Bob Wootton, ISBA’s director of media and advertising affairs. “These guidelines demonstrate a strong sense of customer focus within the online media community and their launch is a most significant first step in the right direction. We urge for the widest possible media owner adherence to these guidelines.”

News sources: Media Week (UK); IPA website