Contracting and negotiation are crucial—yet complex—roles for meeting professionals and understanding legal terminology and common contract clauses (and the liabilities they protect against) allows meeting professionals to negotiate from a position of strength. Even if you know what to look for, contracting is dynamic, and negotiation strategies change with market conditions, competition, and the economy. Solid knowledge of contract law and negotiation tactics enables meeting professionals to protect the interests of their organizations. With knowledge comes power, especially when it comes to legal matters. You’ll Be Able To: 1. Explain the purpose of the primary contract clauses found in venue contracts. 2. Give examples of how contract language may result in financial or liability risk. 3. Prioritize issues for negotiation, determining “hot buttons” based on your meeting specifications. 4. Distinguish between contract language that is merely unfavorable and that which puts a party at significant financial or liability risk. 5. Negotiate key performance and liability clauses in at least three different ways so that the result is multiple options and not just a win-lose scenario. 6. Modify venue contracts based on knowledge of meetings contracts, meeting specifications, market conditions, and knowledge of the venue.
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