Most events occur in rural locations on purpose-built tracks, but several events take place on city streets. The races must run on tracks graded '1', the highest grade-rating issued by the FIA. Each driver must hold a valid Super Licence, the highest class of racing licence issued by the FIA. The results of each race are evaluated using a points system to determine two annual World Championships: one for drivers, the other for constructors. A Formula One season consists of a series of races, known as Grands Prix, which take place worldwide on purpose-built circuits and closed public roads. The word formula in the name refers to the set of rules to which all participants' cars must conform. The World Drivers' Championship, which became the FIA Formula One World Championship in 1981, has been one of the premier forms of racing around the world since its inaugural season in 1950.
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