How can you negotiate contracts and agreements with event venues and suppliers like a pro?

1 Know your needs and budget

Before you start negotiating, you need to have a clear idea of what you want and what you can afford. Make a list of your event objectives, requirements, and priorities. This will help you identify the most important aspects of the contract and agreement, such as the date, location, capacity, catering, audiovisual, security, and cancellation policies. You also need to set a realistic budget for your event and allocate it to different categories. This will help you determine how much you can spend on each venue or supplier and how flexible you can be.

2 Do your research and compare options

Once you have your needs and budget, you need to do some research and compare different venues and suppliers. Look for online reviews, testimonials, ratings, and recommendations. Check their websites, social media, and portfolios. Contact them and ask for quotes, proposals, and references. Compare their prices, services, quality, and reputation. You want to find the best value for your money, not just the cheapest option. You also want to find out their availability, terms and conditions, and negotiation preferences.

3 Build rapport and trust

Negotiating is not just about numbers and clauses. It is also about building rapport and trust with the other party. You want to establish a positive and respectful relationship that can benefit both sides. To do this, you need to communicate effectively, listen actively, and show interest and appreciation. You also need to be honest, transparent, and professional. Avoid making unrealistic or unreasonable demands, hiding information, or lying. You want to create a win-win situation, not a win-lose one.

4 Be prepared and confident

Negotiating can be intimidating and stressful, especially if you are dealing with experienced or aggressive counterparts. That is why you need to be prepared and confident. You need to have all the relevant information, documents, and data ready. You need to know your best alternative to a negotiated agreement (BATNA), your reservation price (the lowest or highest point you are willing to accept), and your target price (the ideal outcome you want). You also need to practice your negotiation skills, such as asking open-ended questions, making concessions, and handling objections. You need to be assertive, but not aggressive. You need to be flexible, but not desperate.

5 Review and finalize the contract and agreement

After you have reached a verbal agreement with the venue or supplier, you need to review and finalize the contract and agreement. You need to make sure that everything is written down clearly and accurately, and that there are no hidden fees, clauses, or loopholes. You need to check the details, such as the dates, times, locations, quantities, prices, payments, deposits, refunds, penalties, liabilities, and contingencies. You also need to look for any clauses that can protect you from unforeseen events, such as force majeure, cancellation, postponement, or termination. You need to sign the contract and agreement only when you are satisfied and comfortable with it.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?