Does the word "contract" evoke the same feeling in you that the word "dentist" does? Are you, perhaps, someone who enjoys negotiating, but who could use some pointers on how to step up your game? Then this session — led by veteran meeting planner +Christy Lamagna CMP, CMM, CTSM — is for you. You can view the webinar on-demand here: http://www.youtube.com/watch?v=lqZpDjKrZ84. Explore different negotiation strategies and tactics depending on with whom you are negotiating, learn key clauses to include in all your agreements, discover how to add value to your program while minimizing risk, focus on the critical component of clear, fact-based communication and the power that holds. This information-packed, fast-paced session will inspire, educate and empower you! About the speaker Christy Lamagna, CMP, CMM, CTSM, (@SMEChristy) is the founder and chief strategist of Strategic Meetings & Events (smeplanners.com), an event planning company that specializes in producing events that achieve clients’ marketing and sales goals. With an ability to see the big picture while simultaneously understanding events down to the minutiae, Christy’s ability to create, market and execute programs has made her a leader in the industry. A former vice president of a Fortune 20 company and a member of five startup organizations, Christy has built successful marketing, event, travel and trade-show, departments for companies while helping them create or strengthen their brands and the infrastructure that supports them. Christy teaches event and meeting management classes at a college level and is working on an industry textbook on the science of strategic planning. She speaks at industry events whenever possible as a way of giving back to the profession that has given her 24 years of career satisfaction.She is a frequent contributor to Plan Your Meetings, penning solo advice columns as well as co-writing the popular “Beauty and the Brain” blog.

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Contract Negotiation:
Prepared and Fair are Effective in Any Market
Christy Lamagna, CMP, CMM, CTSM
Chief Strategist, Strategic Meetings & Events
ChristyLamagna,CMP,CMM,CTSM

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Contract Negotiation:
Prepared and Fair are Effective in Any Market
The Market Swings Both Ways
!
“Sellers’” markets versus “Buyers’” markets
Where the market is today
How to adjust your planning to work within the current
environment
Be flexible
If you can’t be flexible, plan ahead
Leverage your spend
Explore new destinations
Be creative!
ChristyLamagna,CMP,CMM,CTSM

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Contract Negotiation:
Prepared and Fair are Effective in Any Market
Clarity is Crucial
Understand your program’s specific goals
Confirm all key stakeholders are on the same page
Know what you need versus what you would like and
understand the difference
Realize that what you want comes with a ‘price’
Know your bottom line
Don’t play games. Say what you mean and mean what
you say.
ChristyLamagna,CMP,CMM,CTSM

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Contract Negotiation:
Prepared and Fair are Effective in Any Market
Your Approach is Key to the Process
Remember that there is a person on the other side of
the phone, not an ‘opponent’
Both sides are coming to the table with the shared goal
of booking the business. It’s up to you to help navigate
how that process unfolds
This is not about you. The dialogue is not personal
Communicate clearly, calmly and precisely
Explain what you value and why. Often when the other
party understands your goals, an alternate (and sometimes
better!) solution may be discovered
ChristyLamagna,CMP,CMM,CTSM

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Contract Negotiation:
Prepared and Fair are Effective in Any Market
It’s Not All About You
Contracts are about opportunities and relationships
Don’t begin the process until you are fully prepared
Don’t be afraid to ask questions
Read every word. Remember that precise words are
chosen for a reason
Avoid ‘will’ and ask for ‘may’
Protect yourself
Do NOT agree to the ‘that would never happen’
conversation
ChristyLamagna,CMP,CMM,CTSM

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Contract Negotiation:
Prepared and Fair are Effective in Any Market
It’s Not All About You
Approach the negotiations understanding that both
parties need to walk away with an answer to the ‘What’s
in it for me?’ question.
Be prepared to explain anything you’re asking for.
Understand and be able to articulate your, “Why”
If a request is declined, ask why.
Ask for alternatives to any requests that are declined
Remember you can escalate the conversation if you
don’t feel as if you’re making headway
Draw upon your hotel sales team
resources if you need additional help
ChristyLamagna,CMP,CMM,CTSM

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Contract Negotiation:
Prepared and Fair are Effective in Any Market
Fair Negotiations Work in Any Market
Never ask for something that causes the other side to
lose
Be up front throughout the process
Remember that “emotion drowns reason”
Create a template of standard clauses you require and
send them in advance
Review the contract first and then discuss edits
Have a backup plan if discussions don’t yield the results
you need
Be willing to walk away from the deal
ChristyLamagna,CMP,CMM,CTSM

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Contract Negotiation:
Prepared and Fair are Effective in Any Market
Do Your Homework
Check that all your figures match
Double check that your dates and room nights are listed
correctly
Confirm that the edits requested appear and are consistent
throughout the document
Have the hotel define the costs associated with canceling
the program and slippage beyond what you have negotiated
Ask for a ‘rebooking’ clause
Make sure your management team understands the
penalties associated with canceling the contract BEFORE IT
IS SIGNED
• Share a copy of the contract with your
finance team
ChristyLamagna,CMP,CMM,CTSM

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Contract Negotiation:
Prepared and Fair are Effective in Any Market
Let’s Make a Deal!
Know your group’s history and base your room and F&B
guarantees on past demonstrated performance
If you have an attrition situation, pay only profit on
sleeping rooms and food (the 70/30 rule)
Industry standard profit on sleeping rooms is 70%
Industry standard profit on food is 30%
Negotiate out room rental fees in return for meeting
your F&B minimum
Request a complimentary tie down meeting
ChristyLamagna,CMP,CMM,CTSM

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Contract Negotiation:
Prepared and Fair are Effective in Any Market
Ask for concessions
1:40 comp rooms
Staff rooms billed at a discounted rate
Attrition calculated cumulatively
Attrition billed on profit (70% industry average)
Attrition based on class of rooms used
Group rate available for three days pre and post event
dates
Internet rates discounted/complimentary
Complimentary parking passes for pre-determined
number of guests
ChristyLamagna,CMP,CMM,CTSM

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Contract Negotiation:
Prepared and Fair are Effective in Any Market
Let’s Make a Deal!
VIP upgrades to suites at ROH rates
Amenity of hotel’s choice for all VIP upgrades
Flat rate for internet access in ballroom
15% discount on all AV
Reduced service fee rates
Business center will meet a big box store rate for all
services
Flat rate for ingoing/outgoing shipments
ChristyLamagna,CMP,CMM,CTSM

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Contract Negotiation:
Prepared and Fair are Effective in Any Market
Know Your Audience:
Hotels look at ‘space/dates/rates’. They need to
control one of the three
Promotional item vendors value return business; using
one vendor for all your giveaway business may allow you
to negotiate discounted pricing or year end rebates for the
entire year’s spend
Independent contractors value consistent business and
may lower their rates if you can contract a series of
events at once instead of ‘one off’ programs throughout
the year
ChristyLamagna,CMP,CMM,CTSM

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Contract Negotiation:
Prepared and Fair are Effective in Any Market
Know Your Audience
Onsite help (photographers, travel directors, etc.) may
enjoy staying at the host hotel a day after the program
Small businesses value prompt payment. Cash is king.
Negotiate for a discount on your bill for payment within 10
days of invoice
Speakers value exposure. Offering the opportunity for a
speaker to sell books, CD’s etc., at the event and via a
mailer after the event may yield savings off the booking
fee
ChristyLamagna,CMP,CMM,CTSM

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Contract Negotiation:
Prepared and Fair are Effective in Any Market
Key Points to Remember:
Identify your goals before you begin the negotiation
process
Negotiations are not successful unless both sides win
Know the difference between what you want and what
you need and what you’re willing to do to get there
Don’t ask for anything you can’t defend, be proud of or
would not agree to if you were asked for it
It’s a small world and both word and people travel.
Whether you establish yourself as a difficult or delightful
negotiator, word will get around. Make sure you can be
proud of what is being said and thought about you
ChristyLamagna,CMP,CMM,CTSM

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Contract Negotiation:
Prepared and Fair are Effective in Any Market
For a series of articles written by Christy, search
www.planyourmeetings.com or go to
www.smeplanners.com/inthenews
Want to continue the conversation? Email Christy at:
Christy.lamagna@smeplanners.com
ChristyLamagna,CMP,CMM,CTSM
Or come to PYM LIVE NYC August 7, 2014!
PlanYourMeetings.com/PYMLIVE-NewYork-2014