FirmDecisions launches global guide to media contracts excellence in partnership with WFA
One of the most challenging tasks facing all advertisers in a fast pace, ever evolving media environment is ensuring that their media agency contracts fully reflect the complexities of the market and best protect their interests.
Utilising our deep knowledge of client/media agency relationships and contractual issues FirmDecisions has developed, with the World Federation of Advertisers (WFA), a set of universal key principles for clients to use when creating a new media contract or when refreshing existing terms.
Unlike the advertiser association template media contracts, we have not provided formal legal wording, instead focusing on ten key elements that need addressing in a media contract and why they are of importance.
The Guide provides the fuel to brief in-house or external legal teams on the essential specialist clauses media contracts must contain to ensure a watertight relationship is documented. The principles will give brands confidence that their terms will address all the key areas, but also the flexibility to develop their own clauses.
This new guidance is global and borderless in its application and is part of a bigger project to develop special direction in markets like China, Malaysia, Indonesia and India, where different media management issues manifest.
‘Contracts between advertisers and their agency partners really matter. When set up right, they are the most effective risk management tool in any advertiser’s toolkit. They also offer protection and guidance for agencies. We were delighted to be invited to use FirmDecisions’ deep expertise to draft this WFA guide which provides universal media contract ‘bones’ and helpful explanations that can be used, in conjunction with legal advisors, to set up fully protective terms in any market.’ David Brocklehurst Chairman & Founder FirmDecisions
“The transparency agenda has broadened beyond its financial roots. It’s no longer just about money. We also need transparency to ensure our brand is not showing up in damaging environments and to ensure our media investment is being directed towards minority media and trusted journalism. The contract is the place to enshrine all these criteria. I hope that this document serves as a reminder of this.” Isabel Massey Co-chair WFA Media Forum and Global Media Director Diageo
FirmDecisions latest guide to Contract Compliance - Download here.