Podcast
Questions and Answers
What type of contracts are not applicable in the hospitality industry?
What type of contracts are not applicable in the hospitality industry?
- Oral contracts (correct)
- Implied contracts
- Written contracts
- Express contracts
Why is it important to detail certified vendors and the services they provide in a contract?
Why is it important to detail certified vendors and the services they provide in a contract?
- To limit the liability of the parties involved
- To ensure clear expectations of services provided (correct)
- To avoid including cancellation policies
- To bypass the need for payment options
What is a valuable consideration in a contract?
What is a valuable consideration in a contract?
- Type of event
- Rates for the services (correct)
- Number of attendees
- Date and time of the event
What should contracts for events include?
What should contracts for events include?
What does the termination clause provide?
What does the termination clause provide?
What does the indemnification clause protect the hotel from?
What does the indemnification clause protect the hotel from?
What does the attrition clause outline?
What does the attrition clause outline?
What is 'double dipping' in the context of event contracts?
What is 'double dipping' in the context of event contracts?
What is an example of cancellation policies?
What is an example of cancellation policies?
What is an example of room attrition policies?
What is an example of room attrition policies?
What is an example of F&B attrition policies?
What is an example of F&B attrition policies?
What is an example of meeting rooms attrition policies?
What is an example of meeting rooms attrition policies?
What does the proforma invoice confirm?
What does the proforma invoice confirm?
What is the purpose of the first deposit on contract signature?
What is the purpose of the first deposit on contract signature?
What can a proforma invoice be converted to if changes are requested?
What can a proforma invoice be converted to if changes are requested?
What does the termination (force majeure) clause provide legal protections for?
What does the termination (force majeure) clause provide legal protections for?
What does the indemnification clause protect the hotel from?
What does the indemnification clause protect the hotel from?
What is 'double dipping' in the context of event contracts?
What is 'double dipping' in the context of event contracts?
What does the attrition clause outline potential damages or fees for?
What does the attrition clause outline potential damages or fees for?
What is the purpose of the first deposit on contract signature?
What is the purpose of the first deposit on contract signature?
What does a proforma invoice confirm?
What does a proforma invoice confirm?
What is an example of cancellation policies?
What is an example of cancellation policies?
What is an example of room attrition policies?
What is an example of room attrition policies?
What is an example of F&B attrition policies?
What is an example of F&B attrition policies?
What is an example of meeting rooms attrition policies?
What is an example of meeting rooms attrition policies?
What does a 'good faith' agreement with specific details mean in the context of a proforma invoice?
What does a 'good faith' agreement with specific details mean in the context of a proforma invoice?
What can a proforma invoice be converted to if changes are requested?
What can a proforma invoice be converted to if changes are requested?
What type of contracts are not applicable in the hospitality industry?
What type of contracts are not applicable in the hospitality industry?
What does the 'valuable consideration' in a contract refer to?
What does the 'valuable consideration' in a contract refer to?
What should be detailed in a contract to avoid misunderstandings?
What should be detailed in a contract to avoid misunderstandings?
What type of contracts are not applicable in the hospitality industry?
What type of contracts are not applicable in the hospitality industry?
What does the valuable consideration in a contract refer to?
What does the valuable consideration in a contract refer to?
What should contracts for events include to avoid misunderstandings?
What should contracts for events include to avoid misunderstandings?
Study Notes
Event Contracts and Policies Overview
- Contracts should include clauses for payment schedule and deposits, cancellation terms, termination (force majeure) clause, indemnification clause, group rate, room blocks, and damages policy
- Payment details, initial and rest of deposits due date, and cancellation terms should be clearly stated in the contract
- The termination clause provides legal protections for cancellations due to reasons beyond control
- The indemnification clause protects the hotel from legal action due to client negligence or damage
- Attrition clause outlines potential damages or fees for not fulfilling minimum commitments
- "Double dipping" is an activity done by hotels and customers, and planners can charge hotels "reverse attrition"
- Example of cancellation policies includes specific percentages invoiced based on the proximity to the event date
- Example of room attrition policies includes penalties based on reductions in the number of contracted room nights
- Example of F&B attrition policies includes charges for cancellations affecting the expected attendees
- Example of meeting rooms attrition policies includes penalties based on the proximity to the arrival date
- Deposit policies include a first deposit of 15% on contract signature and subsequent deposits leading up to the event
- Proforma invoice is issued to confirm the buyer’s intentions for the event and is a 'good faith' agreement with specific details and not a payment demand. It can be converted to a completed invoice if changes are requested.
Event Contracts and Policies Overview
- Contracts should include clauses for payment schedule and deposits, cancellation terms, termination (force majeure) clause, indemnification clause, group rate, room blocks, and damages policy
- Payment details, initial and rest of deposits due date, and cancellation terms should be clearly stated in the contract
- The termination clause provides legal protections for cancellations due to reasons beyond control
- The indemnification clause protects the hotel from legal action due to client negligence or damage
- Attrition clause outlines potential damages or fees for not fulfilling minimum commitments
- "Double dipping" is an activity done by hotels and customers, and planners can charge hotels "reverse attrition"
- Example of cancellation policies includes specific percentages invoiced based on the proximity to the event date
- Example of room attrition policies includes penalties based on reductions in the number of contracted room nights
- Example of F&B attrition policies includes charges for cancellations affecting the expected attendees
- Example of meeting rooms attrition policies includes penalties based on the proximity to the arrival date
- Deposit policies include a first deposit of 15% on contract signature and subsequent deposits leading up to the event
- Proforma invoice is issued to confirm the buyer’s intentions for the event and is a 'good faith' agreement with specific details and not a payment demand. It can be converted to a completed invoice if changes are requested.
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Description
Test your knowledge of event contracts and policies with this overview quiz. Explore key clauses to include in contracts, such as payment schedule, termination, and indemnification, as well as attrition policies and deposit details. Perfect for event planners and hospitality professionals.
