W7 contracts & rf ps[1]

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W7 contracts & rf ps[1]

  1. 1. RFPs & Contracts <ul><li>RFPs </li></ul><ul><ul><li>What are they </li></ul></ul><ul><ul><li>When would you use one </li></ul></ul><ul><ul><li>Samples </li></ul></ul><ul><li>Contracts </li></ul><ul><ul><li>What are they </li></ul></ul><ul><ul><li>Sample </li></ul></ul><ul><ul><li>Contracts & your Wish Events </li></ul></ul><ul><ul><li>Negotiation… </li></ul></ul>
  2. 2. RFP – Request for Proposal <ul><li>What are they? </li></ul><ul><li>An invitation for suppliers to submit a proposal for their services. </li></ul><ul><li>When would you use them? </li></ul><ul><li>Finding a venue for your event </li></ul><ul><li>Printing </li></ul><ul><li>Entertainment </li></ul><ul><li>Décor/show services </li></ul><ul><li>Audio visual </li></ul>
  3. 3. <ul><li>What’s included: </li></ul><ul><li>Objectives </li></ul><ul><li>History & Key info about the group </li></ul><ul><li>Preferred dates and optional dates </li></ul><ul><li>Number and type of hotel rooms required each day </li></ul><ul><li>Number, size and usage of meeting rooms and times needed </li></ul>
  4. 4. <ul><li>Number and type of food & beverage events </li></ul><ul><li>Exhibits and special events or activities </li></ul><ul><li>‘ Wish list’ or complimentary requirements </li></ul><ul><li>Proposal contact – who will review </li></ul><ul><li>Proposal due date </li></ul><ul><li>Decision making timeframe </li></ul><ul><li>www.conventionindustry.org/apex </li></ul><ul><li>Now let’s try one! </li></ul>
  5. 5. Contracts <ul><li>What are they? </li></ul><ul><li>A written, binding agreement between two or more parties for performing a service, act, sale etc. </li></ul>
  6. 6. Understanding contract clauses & terminology <ul><ul><li>Rates & block </li></ul></ul><ul><ul><li>Minimum revenue </li></ul></ul><ul><ul><li>Cancellation </li></ul></ul><ul><ul><li>Deposits </li></ul></ul><ul><ul><li>Concessions </li></ul></ul><ul><ul><li>Relocation </li></ul></ul><ul><ul><li>Porterage </li></ul></ul><ul><ul><li>Attrition </li></ul></ul>
  7. 7. <ul><ul><li>Commissions </li></ul></ul><ul><ul><li>Exclusive suppliers </li></ul></ul><ul><ul><li>Option Deadlines </li></ul></ul><ul><ul><li>Uninterrupted use of Premises (change of brand) </li></ul></ul><ul><ul><li>Indemnification/Hold Harmless </li></ul></ul><ul><ul><li>Force Majeure </li></ul></ul><ul><ul><li>For Convention Centres and gov’t owned properties the contract can be called a ‘lease agreement’ </li></ul></ul>
  8. 8. Remember <ul><li>Read everything! </li></ul><ul><li>Changes initialed and dated in the right hand column </li></ul><ul><li>Double check dates and numbers </li></ul><ul><li>Person signing must have authority </li></ul><ul><li>Best to have original copies </li></ul>
  9. 9. Contract Negotiation <ul><li>#1 Objective </li></ul><ul><li>Create A Win / Win For Both Parties </li></ul><ul><li>Everything is negotiable </li></ul><ul><li>Bottom line </li></ul><ul><li>IT’S ALL ABOUT MINIMIZING RISK! </li></ul>
  10. 10. TIPS <ul><ul><li>Know the value of your business </li></ul></ul><ul><ul><li>Time of year (peak vs. off-season) </li></ul></ul><ul><ul><li>Competition – alternatives? </li></ul></ul><ul><ul><li>Hotel chain loyalty - previous relationship/future business potential </li></ul></ul><ul><ul><li>Multi-event contracts </li></ul></ul><ul><ul><li>Unions </li></ul></ul><ul><ul><li>Other public guest rooms rates </li></ul></ul><ul><ul><li>Cancellation penalties waived if re-sold </li></ul></ul><ul><ul><li>Understand the supplier’s side & be willing to compromise </li></ul></ul><ul><ul><li>Ask! Be transparent </li></ul></ul>
  11. 11. Contracts & YOUR Wish events <ul><li>With: </li></ul><ul><ul><li>The venue </li></ul></ul><ul><ul><li>Entertainment </li></ul></ul><ul><ul><li>Caterer </li></ul></ul><ul><ul><li>Rentals </li></ul></ul><ul><li>Letter of agreement </li></ul><ul><ul><li>Names of both parties </li></ul></ul><ul><ul><li>Dates, times </li></ul></ul><ul><ul><li>Who will do what </li></ul></ul><ul><ul><li>What’s included </li></ul></ul><ul><ul><li>Everything in writing </li></ul></ul>
  12. 12. Summary <ul><li>RFPs </li></ul><ul><li>An invitation for suppliers to submit a proposal for their services such as venues, audio visual, planning services </li></ul><ul><li>Samples on Blackboard </li></ul><ul><li>Contracts </li></ul><ul><li>Binding agreements with suppliers/planners. </li></ul><ul><li>Basic knowledge of clauses & negotiating tips </li></ul><ul><li>Samples on Blackboard </li></ul>

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