Contract Concerns

Your contract with your venue represents an agreement between the you (or your team) and the facility/venue. It outlines the specific conditions and services to be provided. Most contracts are negotiatiable so think of it as a "work in progress" that can be changed and adapted based on several conversations with your Event Sales Manager. And keep in mind that during these times of economic uncertainty, venues are tending to be very flexible.

The idea is to create terms with which both sides are happy. So don't feel like you have to sign the very first document they put in front of you. I remember our last contract went through about 5 revisions back and forth before we signed.

The following are points that can be negotiated:

1. The rate and the number of hotels rooms that will be held as a block for the classmates. Go for the lowest price you can and compare the price to other hotels in the area. The more rooms you can hold the better, depending on how large your class size is.
2. The cut-off date by which reservations for the hotel rooms must be made. The later the better.
3. The starting and ending times of the party. Ours was a 4 hour party, but we adjusted the start time.
3. The non-refundable deposit. The lower the better. $500.00 is not uncommon.
4. The schedule and amount of future deposits.
5.(very important) The minimum number of people you are required to pay for to have the venue. It is extremely important to lower this number as much as you can. And don't over estimate how many people may show up because you are responsible for paying for this number whether they show up or not.
6. The rates for dinner per person. Lower the rates by eliminating passed appetizers or by simplifying the menu (chicken instead of filet mignon). Let people buy their own drinks and eliminate the open bar. Be aware that you'll pay state sales tax (7% in NJ) and a service charge fee (as much as 21%) on top of the rate per person.
7. If there are cancellation percentages due because the reunion is cancelled, do your best to lower the percentage of liquidated damages due and make sure the cancellation schedule is reasonable from your point of view.
8 And finally, be sure that if the hotel/venue has time to resell the party room, that they will not seek payment from you.

Anyone else have something to say about negotiating the contract?
More on signing the contract to come.

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