By, Jodi Fisher, CEO and Founder, Impact Association Management
A couple of weeks ago, I had the pleasure of seeing Nisha Thakker of Tenenbaum Law Group speak on meeting contract considerations during and beyond COVID-19. Though it’s not always the most thrilling topic, she did a great job keeping us engaged, throwing in some good humor, and giving us some really solid material.
Contract clauses, supply and demand, and meeting planning have changed fairly significantly since the pandemic hit us, and as meeting professionals we have to stay on top of these trends in order to protect our clients’ events. There were many, many takeaways, but here were a few that really stuck out to me:
1. Don’t forget that all parties should be striving for a win-win scenario. The goal isn’t to get vendors to give everything up and meet every whim of the association, regardless of negative impact on the vendor. This should be a sincere attempt at give and take so that both parties feel good about the final terms.
2. The pandemic is a known factor and no longer cause for force majeure. This includes any variants, as well. At this point, we are all too familiar with COVID-19 and attendees deciding they can’t/won’t travel to a conference is not enough to cancel without penalty.
3. Venues, and hotels in particular, are looking for ways to make up lost revenue. Be sure to look for service fees, administrative fees, etc. that may have not been part of contracts previously and negotiate to a level that feels comfortable for everyone.
4. Event registrations are slipping. We need to prepare for possible reduced attendance due to variants, employer restrictions, etc. Build in two, preferably three, opportunities to review and adjust your room block (increase or decrease) prior to the event date. The reduction should be reflected in the attrition/cancellation fees.
The environment keeps changing… We’re experiencing staffing shortages, severe shortages and delays in the supply chain, and varying regulations regarding masking and vaccinations just to name a few. Continue learning from industry experts, working with your venue contacts, and keeping an eye and ear on trends and updates to ensure you’re negotiating the best contracts possible for your clients in these challenging times! Discover how Impact’s team of experts can help you navigate the changing event landscape.