Contracts. While sometimes they are hard to love, these important documents are designed to clearly define the roles and responsibilities of involved parties. But all too often, with glazed eyes, some important "what ifs" are not fully considered. And between the push and pull of negotiation, critical points can get buried in the legal-eze while the devil lurks in the details.
During the pandemic and pre-recovery, it was a buyer's market as hotels were eager to get business on the books. Rates were low and terms flexible for those willing to take some risk for reward. But now that business and the associated business travel is strongly rebounding with higher than ever rates, how valuable is your pre-pandemic or pandemic-booked program to that hotelier?
More than likely, if you cancel your program, the hotel will get some sort of fee or liquidated penalty but are you protected should the hotel cancel your program? Does the property have to pay for cancellation or provide any relocation assistance to you, the client? You may not have considered this before but in this climate where money talks, it maybe a better deal for the hotel to drop your important meeting, pending what's in your contract, and pick up a more lucurative program.
So do you still need to mind the details when it comes to contracts, with a keen eye on what the hotel owes you, when booking meetings and events? The answer is always yes!
Wingspan Newsletter Volume 105
