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What are the most important practices for reviewing vendor contracts?

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When you plan an event, you need to work with various vendors who provide essential services and products, such as catering, entertainment, venue, equipment, and more. However, hiring vendors also means signing contracts that can be complex, confusing, and risky. How can you review vendor contracts effectively and protect your interests as an event planner? Here are some of the most important practices to follow.

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Farrah M.

Legal Counsel | Director | Legal Consultant | Lawyer
Juanjo Pastor

Experto en MICE | Palacios de Congresos | Auditorios | Organizadores de Congresos | Convention Bureaux | Cultura |…
Thayer Joyce

COO @ Rob McElhenney's More Better | Building boldface brands

1 Know your needs

Before you sign any contract, you should have a clear idea of what you need from the vendor and what you can offer in return. This includes your budget, timeline, scope, quality standards, and expectations. You should also research the vendor's reputation, experience, and portfolio to make sure they can deliver what they promise. Having a detailed and realistic proposal from the vendor can help you negotiate the terms and conditions of the contract.

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Roel Timmermans

?? AVAILABLE / Senior Marketing Leader | Ex-Heineken, Ex-EssilorLuxottica (Ray-Ban, Pearle, GrandVision) | available as team lead / marketing director
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And make sure you know what you do not need. It's too easy to be impressed and influenced by all sort of options, freebies, discounts, etc. that really you do not need. Be clear on what problem your aiming to tackle and stick to it. With a good idea of what may be needed in the near future.

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Harpreet A.

Director of Event Sales @ JPdL || Top 40 Under 40 || BizBash's Top 250 Event Professional, Canada || Smart Meetings Magazine's 'Rising Star' || Program Advisory Committee @ George Brown College
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When reviewing an event venue contract, prioritize clarity in terms and event specifications, covering date, time, and services. Clearly outline pricing, fees, and payment schedules, and define cancellation policies. Verify liability and insurance align with event needs, addressing exclusivity and regulatory compliance. Discuss security measures, emergency procedures, and allocated spaces. Detail technical support and clean-up expectations. Establish a clear review and approval process, including provisions for flexibility and amendments. Consider a post-event evaluation clause. Seek legal advice for event-specific considerations.

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2 Read the fine print

Event planners must read the contract carefully and thoroughly to avoid misunderstandings, disputes, and liabilities later on. Pay close attention to the clauses that cover payment terms, cancellation and termination policies, force majeure, indemnification and insurance, and dispute resolution. Payment terms should include how much you will pay the vendor, when, and how; deposits, fees, and penalties; and any refunds or charges. Cancellation and termination policies should include any consequences if you or the vendor cancel or terminate the contract. Force majeure should address unforeseen events or circumstances beyond your or the vendor's control. Indemnification and insurance should specify who is responsible for any damages, losses, or injuries that may occur during the event as well as what kind of insurance coverage you and the vendor have. Finally, dispute resolution should explain how you will handle any conflicts or disagreements that may arise from the contract; mediation, arbitration, or litigation options should also be considered.

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Farrah M.

Legal Counsel | Director | Legal Consultant | Lawyer
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Be aware of whether any terms may be considered unfair or otherwise contrary to law. For example, if a clause is contrary to law, there may be potential penalties or the clause may be unenforceable. To avoid this, clauses should tread a careful line between mitigating risk and accepting responsibility for matters with your control.

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Juanjo Pastor

Experto en MICE | Palacios de Congresos | Auditorios | Organizadores de Congresos | Convention Bureaux | Cultura | Turismo | Hoteles | Sector Público
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Además del cumplimiento de la normativa y la legalidad vigente, es recomendable en eventos de cierta complejidad o que puedan tener transcendencia por la relevancia de los asistentes (autoridades, instituciones, famosos), solicitar a la empresa de audiovisuales que facilite una relación de estar al corriente de pago con la Administración pública y el alta en la Seguridad Social de los trabajadores durante los días del evento. Evitaremos problemas de responsabilidad subsidiaria en caso de inspección de trabajo durante la celebración del evento.

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3 Ask questions and clarify doubts

If you encounter any terms or conditions that are unclear, ambiguous, or unfair, you should not hesitate to ask questions and clarify doubts with the vendor. You should also seek legal advice if you are unsure about the implications or risks of the contract. Do not sign anything that you do not understand or agree with. You should also keep a record of all the communications and correspondence with the vendor for future reference.

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4 Negotiate and amend

A contract is not a one-sided document that you have to accept as it is. You have the right and the opportunity to negotiate and amend the contract to suit your needs and preferences. You should communicate your concerns and requests to the vendor and try to reach a mutually beneficial agreement. You should also review any changes or additions that the vendor makes to the contract and make sure they are in writing and signed by both parties.

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Farrah M.

Legal Counsel | Director | Legal Consultant | Lawyer
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If you do request amendments, make sure you articulate why the amendment is being requested. Even if the vendor doesn’t agree with the changed wording, they may empathise with your concern and propose alternative wording that addresses the underlying issue.

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5 Review and confirm

Before you finalize and sign the contract, you should review it one last time and confirm that it reflects everything that you and the vendor have agreed upon. You should also check for any errors, omissions, or inconsistencies that may affect the validity or enforceability of the contract. You should also keep a copy of the signed contract for your records and reference.

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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?

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Thayer Joyce

COO @ Rob McElhenney's More Better | Building boldface brands
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Written assumptions are the single most important part of any contact. Don't assume that anything not in writing is clear between both parties. Things like level of service, hours of operation or availability, number of revisions, and scope of licenses are all things that need to have clear assumptions assigned to them before they can be agreed upon.

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What are the most important practices for reviewing vendor contracts?

1

2

3

4

5

6

1 Know your needs

2 Read the fine print

3 Ask questions and clarify doubts

4 Negotiate and amend

5 Review and confirm

6 Here’s what else to consider

Event Planning

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What are the most important practices for reviewing vendor contracts?

1

2

3

4

5

6

1 Know your needs

2 Read the fine print

3 Ask questions and clarify doubts

4 Negotiate and amend

5 Review and confirm

6 Here’s what else to consider

Event Planning

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