IPA launches an interactive one-stop-shop for legal contracts
In association with specialist law firm Lewis Silkin, the Institute of Practitioners in Advertising has today (13th October 2009) launched its Contract Bank; an online, one-stop-shop for drafting, understanding and storing contracts that is unique and easy to use and only accessible through http://www.ipa.co.uk/DisplayContent.aspx?id=6033
The Contract Bank is made up of three parts:
- An interactive contract template which allows agencies to produce contracts that deal with a variety of services: from search engine optimization to more traditional creative services; to building framework terms and conditions, and supplementing these with schedules of special services and scopes of work for special projects. There are accompanying notes and prompts throughout the drafting phase.
- A 30-minute training film where the IPAs Marina Palomba and Lewis Silkins Simon Morrissey explain the importance of contracts and the most important clauses. The film can be viewed via chapter heading or as a whole and also includes a visual of the clause(s) being explained as well as a link to all the chapter headings to allow users to skip to a specific point, or digest the information in smaller, more manageable, segments. The IPA is recommending this training module is viewed by all agency staff tasked with negotiating contracts and recorded in CPD logs.
- A ready-made, central, secure environment for agencies to store their contracts. Once accessed, all drafted or completed contracts can be saved and/or archived for future editing, downloading or printing.
The Contract Bank is free to access by IPA members who will need to register their details on the IPA website. Non members will need to pay an annual access fee of £1,500 + VAT.
Individual users will be able to view all of their agencys contracts but, once created, each contract can be locked by its originator to prevent unauthorised or accidental amendments.
Said Marina Palomba, IPA Legal Director (image attached): Having a comprehensive client-agency contract that has been negotiated with reasonable terms is absolutely crucial in our modern litigious working environment , and even more essential in challenging economic times. The IPA legal team will still be on hand to advise its members on contracts, but what we hope is that with this new Contract Bank, agencies will embrace the principle of having their own standard terms, and that the new interactive contract will facilitate the easy creation and editing of all client contracts while providing a secure central databank of completed versions.
Said Simon Morrissey, Partner, Media Brands and Technology, Lewis Silkin: I was delighted to assist the IPA with the Contract Bank project. The resources available within the Contract Bank provide agencies with contract terms and know-how that will work for a full service offering, including complex digital services. I am sure that access to this valuable resource will be of benefit to agencies whether the resources are used to update parts of their existing contracts or put in place new contractual terms.
You can find the IPA Contract Bank at http://www.ipa.co.uk/DisplayContent.aspx?id=6033
The interactive contract was built for the IPA by Headchannel. The training film was made by Take One Productions.
Last updated 13/10/2009