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This brief review of 28 peering policies highlighted a great deal of commonality among policies.  One can break down these policies into common groupings, and then further into clauses within the groupings to understand the nature of peering policies. 

The 28 Peering Policies We Studied


1.AT&T http://www.corp.att.com/peering/

2.Speakeasy http://www.speakeasy.net/network/peeringpolicy.php

3.Hurricane Electric http://www.he.net/peering.html

4.AboveNet http://www.above.net/peering/

5.Verizon http://www.verizonbusiness.com/terms/peering/

6.ATDN http://www.atdn.net/settlement_free_int.shtml

7.Qwest http://www.qwest.com/legal/peering_na.html

8.InterNAP http://www.internap.com/peering/

9.Net Access http://www.nac.net/eng/peering.asp

10.TWTelecom http://www.twtelecom.com/cust_center/public_peering_policy.html

11.WVFiber http://peering.wvfiber.com

12.nLayer http://www.nlayer.net/network/peering/

13.RCN http://ptd.mbo.ma.rcn.net/peer-policy/

14.EasyNet http://peering.easynet.net/

15.BBC http://support.bbc.co.uk/support/peering/

16.HopOne http://www.hopone.net/peering.php

17.CoxCommunication http://www.cox.com/INETPeering/sfp.asp

18.WBSConnect http://peering.wbsconnect.com/

19.DalNet http://www.dal.net/?page=peering

20.MZima http://www.mzima.net/network.html

21.Comcast http://www.comcast.com/peering/

22.Cablevision http://www.cv.net/peering/requirements/

23.Charter http://www.charter.com/visitors/general.aspx?ownerid=25

24.New Edge Networks http://www.newedgenetworks.com/about_us/coverage/peering_policies.xea

25.High Winds http://www.highwinds.com/tabid/109/Default.aspx

26.OpenAccess http://www.openaccess.org/index.php?section=204

27.LambdaNet http://www.lambdanet.de/index.php?p=200&l=2&sid=4b0a1625ba0047b3c9cc8231c541d8c7 

28.tinet http://www.as3257.net/peering-policy/

Peering Policy Awards
In the process of assimilating the peering clauses we noticed things that we liked, and things that seemed odd.  If you have read this far, you may find the observations of the researchers interesting as well.
Most Comprehensive Peering Policy
Comcast
Comcast includes just about everything that one could imagine needing in a peering policy. The look is clean, the text pretty much what everyone else has in aggregate with a notable exception below.
Badly grammar and mispelling Award - is split three ways:

Hurricane Electric :
“Only send us traffic that destined for the prefixes we announce to you.”

RCN:
Agreements for best-exist or other forms of traffic exchange can be made in email”

TiNet:
“Violation of these terms may result in immediate de-peering and other attention-getting mechanism” 

(DrPeering is imagining bunny on the stove.)


Honorable mention to the MSOs, CableVision and Comcast:

CableVision:
“Potential peer must be able to demonstrate usage history with an aggregate peak average usage rate greater than 70 Megabits/s or sustain an average of 4.32 Terabits/day; bi-directionally.
      Whichever is applicable.”

Comcast:
“Applicants will be responded to within a reasonable timeframe to discuss their request.”

This last one is only slightly different from the better language of AT&T’s Peering policy from which it was most likely derived:
“Potential peers will be contacted within a reasonable timeframe to discuss their requests.” --AT&T

Ugliest Peering Policy:
RCN
With no categories at all and in typewriter font, the RCN policy surpasses all others in jumbling occasionally unrelated text in a form only an ADM-3A dumb terminal could love.
Outlier Peering Policy:
EasyNet
The peering policy is at the bottom of the page, and after ten readings, it is still too hard to write down why it is an outlier.  It is very different from the rest.http://www.comcast.com/peering/http://www.he.net/peering.htmlhttp://ptd.mbo.ma.rcn.net/peer-policy/http://www.as3257.net/peering-policy/http://www.cv.net/peering/requirements/http://www.comcast.com/peering/http://ptd.mbo.ma.rcn.net/peer-policy/http://peering.easynet.net/shapeimage_6_link_0shapeimage_6_link_1shapeimage_6_link_2shapeimage_6_link_3shapeimage_6_link_4shapeimage_6_link_5shapeimage_6_link_6shapeimage_6_link_7
Redundancy has a Common Clause:
Peer must operate a fully redundant network capable of handling a single-node outage in each network without significantly affecting the traffic being exchanged. – LambdaNet
Each Network must operate a network with sufficient redundancy and capacity that the failure of a single node will not significantly affect performance. – AboveNet
Each Internet Network must operate a fully redundant network, capable of handling a simultaneous single-node outage in each network without significantly affecting the performance of the traffic being exchanged. – Verizon
Applicant must operate a fully redundant network capable of handling a single-node outage in each network without significantly affecting the traffic being exchanged. – ATDN
Where did this clause come from and what is this single-node outage?  DrPeering is guessing that this means that no single node on either network can go out and adversely affect peering. There was some discussion when we raised this with the peering community and there were a couple different views on what it meant, and the intention of the clause.  Meaning : Redundancy is a good thing, we require it in peer networks.

N E W


The Internet Peering Playbook: Connecting to the Core of the Internet


ISBN: 978-1-937451-00-4

Available Now in print, and as a kindle book on Amazon.com and as an ePub on lulu.com and on the Apple iBookStore.


Abstract: One can understand the protocols, the technologies, and the routing algorithms, but that doesn't tell the story. The Internet is a global ecosystem of cooperating and competing networks, strategically interconnected to maximize performance and minimize costs. If you are operating a growing Internet service, it is essential that you understand how the Internet Peering Ecosystem works at the core.

“...destined to be the Internet Peering Bible” – Jeff Turner, InterStream

“Essential Reading.” – Martin Sanne, SEACOM

“Great foundation in understanding the basis for ISP peering,

their interactions, and provides insight into where those relationships are heading.”

– David Mandel, Cisco Systems

“...the benchmark of the most useful technical workshop ever.”–Jaco Muller

Notes
Only half of the Peering Policies had a date on them.
IPv6 was mentioned in only two policies (Comcast and Hurricane Electric)
The categories are rough and required assumptions. It would be worth reviewing the findings and stating the assumptions made in the categorizations.
The counting is rough as well - several clauses show up in multiple categories, and some clauses may have slipped through the study.
It would be worth while to do more detailed research into Interconnect capacity, traffic volume, geographic scope and backbone capacity requirements as Scale and Scope are the two dominant ways Tier 1 ISPs specify what they look for in a peering partner.