Get off to a great start with your next event with these helpful tips from industry experts on how to minimize risk, save money and avoid contracting pitfalls. In this PYM Knowledge Series video, PYM’s panel of expert planners and suppliers look at contract negotiations from both sides of the table and share their list of essential best practices and advice.

The PYM Knowledge Series is a series of informal panel discussions about industry best practices, short enough to be watched during your lunch hour. To view other topics in the series, visit our Knowledge Series page.

In this video:

0:00-2:20: Intro
2:20-6:20: Contract Practice: Negotiations, how to get started

• RFP
• Be clear with desires
• Be prepared
• Space, rates, dates
• Don’t underestimate
• Details
• Middle

6:20-7:20: CVBs = good resources

• One contact

7:20-10:42: Advice for contracts

• Organization
• Not everything is instantaneous

10:42-12:10: How to deal with attrition clauses

• Explaining to the client

12:10-18:00: Important for clients to understand

• Communication
• History
• Negotiations
• Planners responsibilities

18:00-19:30: Fundamental clauses

• Spell out the attrition
• How everything is calculated
• Cancelation possibilities

19:30- 23:00: Letters of agreement

• Win-Wins
• More Communication

23:00-25:30: As a supplier how do you partner with the client?

• Two clients
• CVBs

25:30-27:00: Should services be added to the contract?

• Hotel obligations

27:00-32:45: CVBs are safe, they know everything.

• Hotels should work with CVBs

32:45-35:00: Traps! What to look out for and know

• Traps are intentional.
• Hotels try to protect themselves
• Understand everything!

35:00-40:22: Attrition and cancelation can be scary

• Days and dates match up
• Know requirements: don’t trap yourself
• Know destination
• Get it in writing
• Question everything!
• Check resources/forums

40:22-End: Final words

• Be flexible
• Know what your getting
• History repeats
• Options
• All you have to do is ask