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A contract requires four items to make it legally binding:
1. Identification of Parties competent to make the agreement
(a person must be at least 18 years of age to sign a contract)
2. Duty to perform and the specific obligations of the contract
(who, what, where, when, how)
3. Consideration for the agreement and the payment or exchange
of goods and services
4. Acceptance by contracting parties through signatures and
dating the contract
Although only four items are required, it is to everyone's
benefit to have additional items in a contract. Some of these
include:
--Cancellation process, liquidated damages, forfeiture/deposit
clauses
--Default/waiver provisions
--Force majeure
--Hold harmless
--Applicable insuring obligations
--Waiver of indemnity where applicable
--Arbitration/ADR provision
--Attorney fees provision
Please communicate with your attorney for your specific product/service
and the additional clauses you may need.
For this month's Industry News on Hotel/Site Negotiations:
Contracts click here.
 Mark
Sonder, CSEP is the Chief Entertainment Officer of Mark Sonder
Productions, a leading national entertainment agency providing
headline talent and production services for large venues,
corporations and associations. In addition, Sonder sits on
the faculty of The George Washington University MBA/MTA Diploma
and Event Management Certificate program. Event
Entertainment and Production is the book published by
Wiley authored by Sonder.
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