university of chicago new license scheme

I have just received notice from the University of Chicago
Press 
that they no longer require a formal signed license from an 
institution, replaced by "Terms and Conditions of Use
of 
Electronic Journals." I find this a very interesting
development. 
Is this a new trend (or one solution) to licensing
challenges? (I 
am new to handling licenses at my institution).

Matthew Person 
Serials Librarian
MBLWHOI Library
MBL Biological Discovery in Woods Hole 
Woods Hole, MA 02543
508-289-7345