Berners-Lee calls the contract a "Magna Carta for the web".
He called on governments, companies and citizens to iron out a "complete contract" for the web that will make the internet "safe and accessible" for all by May 2019, the date by which 50 percent of the world will be online for the first time.
However, as the Web approaches nearly 50% of the world's population as users, Berners-Lee is not convinced that these principles are being upheld or that his original ideals for the Web are being protected.
Berners-Lee, who hatched the Web in 1989, said a sense of optimism about the Internet had been damaged by abuses of personal data, online hate speech, political manipulation and the centralization of power among a small group of major tech firms. "There are lots of issues with the web". As we work to expand its benefits to everyone, we need to make sure the web serves humanity, not the other way round. For example, the W3 Consortium is the governing body of the World Wide Web, alongside the Web Foundation and the Open Data Institute, which he argues are "vital components for protecting what has been - and what will come".
Apart from Facebook and Google, the World Wide Web Foundation has so far signed up the French government, as well as political figures including former United Kingdom prime minister Gordon Brown and his wife Sarah Brown.More news: FA appeals against decision to clear José Mourinho over touchline language
It's worth noting that alongside being a professor at MIT in recent years, Berners-Lee has continued to establish organisations that aim to preserve the fundamental principles of the World Wide Web.
He said the pair had criticised Facebook's record on Free Basics, its controversial free internet service for emerging economies that some have described as digital colonialism. I hope more people will join us to build the web we want.
You were the promised one!"At a human level, it's hard not to empathise".
One of the early signatories to the contract, Facebook, has been fined by the Information Commissioner's Office for its part in the Cambridge Analytica scandal; has faced threats from the European Union for taking too long to remove extremist content; and has been sued for allowing advertisers to target housing ads only at white people.
Last week, Berners-Lee told Reuters that giant tech corporations like Google and Facebook may have to be "broken up" to mitigate the "danger of concentration".More news: Wide Receiver Dez Bryant Set To Workout For This Team
"We have to create a contract for the web ..."
With the Internet of Things (IoT) being built upon easy, open access to the internet, the possibility of such traffic being throttled or blocked, and related businesses potentially being held to ransom for greater networking fees, introduces great uncertainty.
It all sounds a little quixotic and vague, but Lovett thinks there will be tangible results. The contract means a real commitment to dignity, justice and equality from governments, companies and citizens.
"The criticism that this could just be happy-clappy would be justified if we were going to just stop next week. If we only got as far as these principles, that's only worth so much", he said. "The process we have at the second stage is to turn these principles into more concrete commitments. the third stage of the process would be an accountability mechanism".More news: India gets U.S. waiver for development of strategic Chabahar Port in Iran