In 2002 the Interactive Advertising Bureau (IAB) and the Association of American Advertising Agencies (4A’s) released a Standard Terms and Conditions v2.0 for the interactive industry, however buyers and sellers found themselves with “protracted, time-consuming negotiations and lengthy addendums.”

Yesterday the pair announced the release of the updated version 3.0, who’s need was identified by the joint Reinvention Task Force. The initiative for the new version launched in April 2009 with more than 100 finance, legal, sales and buying leaders from a cross section of media companies and agencies which volunteered to take part in the update.

“This is an enormous accomplishment on behalf of the advertising industry,” said Randall Rothenberg, President and CEO of the IAB. “Streamlining business processes in interactive has been one of our main objectives as an organization and with the contributions from both advertising agencies and media companies we believe that we have accomplished this goal.”

The newest version encompasses a broader range of platforms and tools that are currently being used in interactive campaigns, including performance-based advertising and user-generated content platforms.

In addition to the inclusion of new platforms the latest version contains updates across key areas such as, data usage, third party ad-serving, tracking and billing, billing and payments, cancellation terms, editorial adjacencies, late creative and indemnity.

In order to make sure that version 3.0 is adopted throughout the industry the 4A’s and IAB have released an educational guide and will be co-hosting two webinars that will take participants through the major changes and offer them an opportunity to ask any questions they may have.

“The revised Ts&Cs will have a dramatic—and positive—impact on the daily business practices in the advertising community,” said Nancy Hill, President and CEO of the 4A’s. “We brought agencies and media companies together with the idea of creating a document that will improve work flow and make it easier to buy interactive advertising and I think we’ve succeeded.”