“We are delighted to continue our long and productive relationship with ANA, and to partner with the Association in creating a next generation media agency contract template that reflects emerging best practices and the most current practical advice,” said Douglas J. Wood, Reed Smith partner and General Counsel for the ANA. “Our collaborative work on contract transparency remains important to their advertiser members, and regular updates play a key role in ensuring this transparency is as robust as it can possibly be.”
The new template includes updated language reflective of the best global media transparency trends and it revises and clarifies several components of the 2016 document. These include a defined term for “Transaction Data” and related provisions to address advertisers’ need to have access to all transaction data related to their media buys. In addition, a defined term for “Value Pots” and related commentary to clarify that Value Pots should be considered a Rebate and Incentive.
Reed Smith assembled an ad hoc group of industry consultants to finalize the 2018 contract template in order to insure that the contract is reflective of industry best practices as well as the most current thinking and practical advice.
Other changes to the 2016 template include a revision of the definition of affiliates; added notation to the definition of principal or inventory mark-up and principal or inventory sale; the deletion of barter inventory from the rebates and incentives section; and a recommendation for advertisers to attach an auditor NDA to their media buying agreements with agencies.
About Reed Smith
Reed Smith is a global law firm dedicated to providing quality business solutions, not just legal answers. Its belief is that by doing things differently, with a greater focus on innovation, and by delivering smarter and more creative and efficient legal services, the firm will not only enrich its clients' experiences with the firm, but also support the clients in achieving their own business goals.
With long-standing relationships, an international outlook, and collaborative structure, Reed Smith is a strategic partner in the resolution of complex disputes, transactions, and regulatory matters.
For further information, please email Douglas J. Wood, a partner with Reed Smith and ANA’s General Counsel.
