Losing sleep over the uncertainty of your upcoming live events? Learn how to navigate your hotel contracts with a new set of non-negotiable clauses in today’s episode of the Genius Network Podcast.
In this episode, Bari Baumgardner of SAGE Event Management shares the contract must-haves in the age of coronavirus. She’ll explain the three rainy day clauses to add to your contract and reveal why you must have multiple back-up plans in place.
Bari and Joe will also discuss the power of negotiation in the hotel world – especially now that the playing field has been leveled – and the four magic words that could save you thousands.
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How should you deal with your hotel event bookings during this time? Listen as Joe Polish and Bari Baumgardner share the new non-negotiables to include in your contracts in today’s episode of the Genius Network podcast.
Here’s a glance at what you’ll learn from Bari and Joe in this episode:
- Should you cancel, rebook, or postpone your hotel event bookings? Bari lays out a 90-day pivot plan for you…
- What you need to know about “The 3 Rainy Day Clauses” that most hosts and planners neglect in contract negotiations.
- One of the most important actions to take if you’re currently in negotiations to book a hotel for your events.
- A contract clause that allows you to move forward without massive liabilities you might have previously incurred.
- Four keywords you want in your contract no matter what that could save you hundreds of thousands of dollars.
- If you’re in live event-world, rainy day clauses make a huge difference.
- Have a plan A, B, C, and D lined up for your events. Virtual is a plan C event.
- Your net will be higher with a virtual live event.
- The three rainy day clauses to have are cancellation, force majeure, and rebook.
- Pick up the phone, don’t communicate by email, and negotiate.
- Notice your hotel’s cancellation policy – timing is everything.
- Sage negotiations a sliding-scale based on profit margins.
- Hotels have an 80% profit margin on food and 20-40% on food and beverage.
- If you pay full-price upon cancellation, you’re paying them more than if you would have had the event.
- Profit, resale, remainder; Hang on to your money until they’ve resold – then pay.
- Force majeure is an “act of God” clause: Is it impossible or illegal?
- Four words: Impossible, illegal, unsafe, and commercially impracticable.
- You can eliminate liability for adding attrition to your contract.
- Many people don’t have a re-book clause – but you definitely should no matter what.
- The playing field is leveling and hotels are going to need your business.
- Everything can be negotiated in the hotel world!