each derives and retains revenue from its own customers.

An agreement by two or more networks to peer is instantiated by a physical interconnection of the networks, an exchange of routing information through the Border Gateway Protocol (BGP), tacit agreement to norms of conduct and, in some extraordinarily rare cases (0.07%), a formalized contractual document.

In 0.02% of cases the word "peering" is used to describe situations where there is some

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