A longstanding partnership between the Association of National Advertisers (ANA) and its outside general counsel Reed Smith LLP has culminated in the release of an updated media agency contract template to promote increased transparency between agencies and their clients.  The new template updates the landmark July 2016 template which was drafted by Reed Smith in the wake of ANA’s widely hailed study documenting a need for greater transparency in such relationships.

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“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.