Summit I of the International Council on Biblical Inerrancy took place in Chicago on October 26-28, 1978 for the purpose of affirming afresh the doctrine of the inerrancy of Scripture, making clear the understanding of it and warning against its denial. In the years that have passed since Summit I, God has blessed that effort in ways surpassing most anticipations. A gratifying flow of helpful literature on the doctrine of inerrancy as well as a growing commitment to its value give cause to pour forth praise to our great God.
The work of Summit I had hardly been completed when it became evident that there was yet another major task to be tackled. While we recognize that belief in the inerrancy of Scripture is basic to maintaining its authority, the values of that commitment are only as real as one's understanding of the meaning of Scripture. Thus, the need for Summit II. For two years plans were laid and papers were written on themes relating to hermeneutical principles and practices. The culmination of this effort has been a meeting in Chicago on November 10-13, 1982 at which we, the undersigned, have participated.
In similar fashion to the Chicago Statement of 1978, we herewith present these affirmations and denials as an expression of the results of our labors to clarify hermeneutical issues and principles. We do not claim completeness or systematic treatment of the entire subject, but these affirmations and denials represent a consensus of the approximately one hundred participants and observers gathered at this conference. It has been a broadening experience to engage in dialogue, and it is our prayer that God will use the product of our diligent efforts to enable us and others to more correctly handle the word of truth (2 Tim. 2:15).
Take some time and consider the Chicago Statement on Biblical Hermeneutics, you can read the entire statement at this link:Chicago