Multi-Year Contracts: A Planner’s Perspective

Multi-year contracts can be a great option for organizations looking to secure future meeting locations.  While they aren’t always the right fit for each meeting, they can be a complementary solution for planners and destination partners.  Considering a multi-year partnership?  Here are some thoughts to contemplate:

  • Multi-Year Contracts Save Time:
    Planners can save time negotiating future contracts and conducting site inspections by returning to the same venues.
  • Achieve Deeper Concessions:
    Destination partners often offer enticements above and beyond standard booking concessions.  Additional discounts on food and beverage, A/V and complimentary room nights are popular inclusions with multi-year bookings.
  • Smoother Information Transfers:
    As relationships develop, planning and communication between planners and venues becomes easier – and faster.  The hand-off of post-event information is often smoother since venues can transmit the data internally or via other already-established channels.
  • Familiarity or Fatigue?
    Some attendees will appreciate having advance knowledge of a property or brand prior to their return.  Others, however, may experience venue fatigue and tire of a repeat visit to the same brand or venue year after year.

There are many pros and cons to such a major decision.  Good luck with finding the fit that’s right for your next meeting!

 

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