CONTRACT REVIEW & NEGOTIATION: CORE COMPETENCY MUST-Have #3

My #3 Core Competency Must-Have for Meeting Planners: Contract Review and Negotiation ....

Of all the components of the planning process, none is probably more daunting nor carries more risk than that of this core competency. (As a reminder, mastering a competency means one "knows and can apply" whatever it is one has learned -- in this case, Contract Review & Negotiation. It's one thing to "know" something; it's entirely different to be able to "apply" that which you know.

Contract Review

A contract is a legally binding document, and everyone concerned (planner, meeting host, Procurement, Legal, and in some cases Risk Management) needs to fully understand the language and implications of such. It’s important to remember that while meeting planners are or can become very knowledgeable with contract terminology and the various clauses, they are, however, NOT (unless they are) attorneys. Therefore, it is imperative that they know their limitations and seek legal assistance when needed or are unsure of what something means to be safe.

If you are not a meeting planner but find yourself planning meetings from time to time over and above your day-to-day responsibilities, it is more important than ever that you call in the experts for assistance with this element of the planning process.

Meeting planners must know and understand the basic components of a contract and the key clauses that should be included in a hotel contract in order to best protect the people, company, association or non-profit they represent. They need to know what is negotiable (like room rates and suite upgrades, room rentals) and what is not (hmm), how much to push and when to back off and the cause and effect of either.

Contract Negotiation

Contract Negotiation should be looked at as a WIN-WIN proposition across the board. You can ask for the moon and the stars, but you need to be realistic and understand both sides of the equation in order to be successful in this element of the meeting planning process.

To learn much more about the components of a contract and the key clauses that should be included under the contract review and negotiation process, check out my book, The Meeting Planning Process: A Guide to Planning Successful Meetings.

Take care. Be well. Plan well. Never stop learning.

Mary Jo Wiseman, CMP | The Meeting Planning Process: A Guide to Planning Succssful Meetings