Are you wondering how you can make a profit out of your beautiful indoor and outdoor spaces? Well, the best option is to put them up for a lease or venue rental and to offer them for event sponsorship. Surely, event planners and event consultants would be very interested. They can use it for a wedding venue, conference, or for private event’s lunch catering or banquet. If that sounds like a very good idea to you, then you better start preparing the standard document that entails the lease agreement and payment right away! We’re talking about an event venue contract! Know what they look like and learn how to create through our examples and article below!
An event venue contract is a form of legal document that covers the lease agreement between a rental space owner and a client. Rentals Online blogged in their website that such a document helps set expectations for the occupant. Moreover, they stated that it also resolves the bafflements that can occur during the rental period. It goes without saying that such a document can be of great benefit for both the property owner and the renter.
As an entrepreneur who specializes in providing accommodations for events, you have to anticipate what your niche market will be looking for in an event venue. To help you with that, we have provided you with a complete list of things that most people consider when deciding which venue to choose for their events. They include the following:
1. Venue Rental Fee
3. Capacity and Size
4. Internet Connection
5. Parking Space
8. Updated Equipment
9. Food and Beverage
10. Space Decoration
11. Special Services
Before kicking off your contract writing, you have to learn what the very basics are. First, you have to conduct research to know how things work in the rental industry and how contracts apply to them. Second, you have to understand that this type of paperwork needs to be done in formal writing or technical writing. Third and last, you must pay attention to details. To make your writing process convenient, you can make use of our ready-made outline below.
Start your contract with a brief overview of what it is about. In this section, you need to emphasize that your document is a rental contract and not a real estate contract. Also, it is in this part where you’ll be introducing who the participants are. As the property owner, you should be addressed as the lessor, while your client must be labeled as the lessee. Just like the other rental contracts, it is mandatory to name the involved parties to accurately address the legal decisions in case disputes arise.
Following the introduction of your contract’s purpose and the parties involved, your next task is to explain what is being rented. In your case, you need to accentuate that your space is intended for events only. For this part of your contract, you have to give off the complete details about all the things that the client took into account when they chose your space for their events. You can always refer back to the factors mentioned above.
Once you have clearly explained the main subject of the contract, formulate and recommend terms and conditions that you think are favorable for both you and the client. The client, on the other hand, should do the same. Rent schedules, rehearsal schedules, conference schedules, or other event schedules should be incorporated in this part. Aside from the schedules, you must also establish the stipulations on the usage of equipment, food and beverage consumption, as well as the availing of amenities.
After establishing the terms and conditions, don’t forget to lay your provisions on the business transaction payment. You and the client should settle how much money will be deposited and when the full payment will be delivered. Apart from the payment schedule, you also have to present a quotation so that the client can prepare the amount of money ahead of time. The mode of payment has to be discussed in this section, too.
Despite the efforts of both parties to abide by the contract specifications, there are some business transactions that just don’t end well. Fire, equipment malfunctions, weather disturbances, and many other factors could ruin them. This is why you have to prepare the appropriate actions in case these factors present themselves. So, you have to add a clause to your contract that thoroughly details the dispute resolution policies.
If you choose to be wedded in a church, then you need to prepare to provide donations. The rental of a small-sized church can cost between USD 100 to USD 400. A medium-sized church may cost from USD 500 to USD 800.
When making a reservation for event venues, most venue owners ask for an advance payment. Typically, the advance payment amounts from twenty-five percent to fifty percent of the total rental fee. This is to protect them from losses due to cancellations.
Event venues don’t necessarily have to have catering services. However, most of them decide to do so to get another source of income. After all, most people prefer all-in-one venues than those who only offer their space.
“Somewhere, something incredible is waiting to be known.” This was a quote by the American journalist Sharon Begley. Though it’s intended to inspire journalists to discover stories, the quote is still very much applicable to event venues. Event venue owners always think that their properties are worth more than just a place to visit. We can’t blame them because many of these properties are built and developed to help create memories and histories. And, there’s nothing more effective in advancing them than protecting their every business transaction with a contract.