The search for the best corporate event venue can be a tedious process, with many claiming to have the best features. While it is tempting to sign the papers and close the deal immediately, it is best to scrutinize the contract before signing it.
To help you make the right choice, here is a list of three questions that you should ask the venue management about their arrangement.
What is your cancellation policy?
Cancellation policy vastly differs among corporate event venues in NYC. That is why it is essential to check the non-refundable deposit before signing on the dotted line. Bear in mind that much of the cancellation fee depends on the size of the event. So, a typical cancellation charge for more significant events can be as large as 100% and as far out as two months ahead of the date of the event.
For most venues, the average cancellation cost up to 30 days in advance is 59%. Meanwhile, cancellations that happen 60 days in advance cost up to 43%. So, if your contract states otherwise, see if there are any chances for negotiating the cancellation fees.
What happens if fewer attendees come to the event than planned?
Slippage is the difference between the anticipated and actual number of event attendees. Most venues will ask you to cover the expenses if ever the event decreases in size. That is because every site has a minimum number of slippages that they can cover. Remember that most venues may have prepared for food and beverages well in advance or even a sleeping room block for some of the attendees.
In case the actual number of attendees fails to meet the minimum slippage, the venue will ask you to cover their expenses. Fortunately, you can negotiate the slippage at the contracting page. Ask if you can have a higher slippage percentage so that you will have a lower liability if ever you fail to reach the anticipated number of attendees.
Are there any other services included in the price?
One of the worst mistakes that you can do when it comes to dealing with venues is to make assumptions. It is best to clarify if any of the services is part of the room hire charges. Also, do not presume that any fixtures in the room are included in the price, as well.
You also need to ask if service charges or government taxes are included in the price, too. There are times when clients fail to ask about it, so they are surprised once they see the final bill.
These are just a few of the questions that you need to ask when considering a venue for a corporate event. Asking venue managers the right questions will not only ensure that you get the best value for your money but also help you avoid any unexpected and unnecessary expenses. You also need to make sure that the venue suits your corporate event well so that you will not regret any of your decisions.
