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21 Cards in this Set
- Front
- Back
- 3rd side (hint)
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Soft Cost Items |
Upgrade or addition to contracts like a room upgrade. |
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The Basic Elements of Contracts |
Offer, Accept, Consideration, Written, Capacity |
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Three parts to Capacity in a contract are |
Legal Age, Mentally Competent, Legal Authority |
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Two main ways you can change a contract |
Addendum and Amendment |
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Addendum |
Additions before contract is signed |
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Amendment |
Changes to a contract after it is signed |
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General Contract Info are |
legal names of the parties, details of services, fees & charges including payment information |
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Hotel Specific Areas - in a contract |
Event Space, Sleeping Rooms, F & B, Technology |
EIC 50-52 |
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Insurance |
Should be covered in a contract. |
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Indemnification |
Details who is liable (has to pay) for injuries/losses that might occur and limit on liability |
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Dispute resolution has two types of problem solving |
Arbitration and Mediation |
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Arbitration |
Has a binding and non binding option. A way to solve a dispute. Can use a retired judge or lawyer. |
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Damages |
Dollars due/owed |
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Difference between termination and cancellation |
Terminations means no money due, contract is done.ex for termination is force majeure. Cancellation means money is due. Someone has to pay. |
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Force Majeure |
Act that forces fulfillment to be impossible or impracticable. Out of anyone’s control |
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Sliding Scale |
Payment terms, ex: canceling further out might owe less vs canceling closer to the event date. Can be a percent or set $ |
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Total Business Value |
Presented by planner in RFP, showing objective, audience & potential revenue attractiveness |
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Yield Management |
Fluctuation of set room rates to fill space |
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Seasonality |
High Shoulder & Low seasons based on what is going on and popularity
Low - more negotiation power High - less negotiation power |
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Room Rates |
Rack Rate - back of the door rate. Flat/Run of House - same rate for all rooms
Range of Rates - different rates based on room types and location of room or views |
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Hard Cost Items |
Anything generating revenue to the hotel |
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