When you make a purchase, you always receive a receipt in some way, shape, or form as proof of the goods you purchased and at the price you paid. To this extent, contracts and documentation are key for any event or project, especially when money and services will eventually be exchanged. In this article we will explore items to include in your contract, how to accurately highlight expectations for each party involved, and what to do when amendments are needed.
What to Include in a Contract
Whether you start a new contract from scratch or use a template, there are a number of items to always include within your document. Despite a header with your company’s basic information and footer with page numbers, the four main sections to include in your contract are an identity section, monetary section, terms and conditions, and signatures. Let’s break them down.
Identity
At the top of a contract it is typical to outline what parties are involved and for what project or event. This is what we will refer to as the “Identity Section.” The main points of this section are the name of the project or event, a definition of the service that will be provided, an outline of each party involved (e.g. speaker[s] and organizer[s]), the date that the service will take place, and the location.
As you define each of the above points, it is important to add clarification to them when and where possible. The more detailed your contract can be, the less likely that you or your speakers are to misunderstand expectations down the road. When defining the service itself be specific even if it is simply a talk at a conference, outline how long the talk should be or if it includes time for Q&A. Doing so not only helps the speaker plan their talk but it also helps them plan their day around this event. As you define each party involved, when speaking about your company it is beneficial to highlight a point person within the company (whether that is yourself or a colleague). If the speaker has an assistant or team, they will know who to contact if need be. Likewise, as you define each party be sure to include company names, registered address, and registered ID and/or VAT number. While outlining the date of the service, if you already know or have agreed on the time this is a very important detail to add to your contract. Adding the exact (local) time (and following up with a calendar invitation) avoids any confusion and gives the speaker two points of reference that are easy to find. Location is the final detail in the identity section and is equally important as the rest. It is important to note whether the location is virtual (and possibly on what platform) or physical (provide an address). This detail should also be included in your follow-up calendar invitation to the speaker.
Monetary
This section should be included in a contract regardless if any fee is paid. When no fee is paid, show it within the document. Just as when you outline what fee will be paid, showing a $0.00 fee confirms any negotiation you and the speaker agreed upon in previous conversations. In this section if you have agreed to “trade” services rather than or in addition to paying a fee to the speaker, outline the details of the service exchange in as much detail as you have at hand. When a fee is to be paid, outline the fee (e.g. $1,000) and note if tax is or is not included.
T’s & C’s
Terms and conditions are a standard edition to any contract but the specific points included may change from organization to organization. The main point that should always be included within your terms and conditions is terms for cancelation. Cancelation terms should be outlined for each party involved and stipulate at what time frames prior to the event or project that the service can be canceled. Typically, the different time frames you outline here have various costs attached to them. An example of this is as follows: Should the organizer cancel the service the following fees shall be charged: sixty or more days, no fee; thirty or more days, 50%; 7 or more days, 75%; within 7 days of the service, 100%. Should the expert cancel, no fee shall be paid to the expert.
Other articles that can be included in the terms and conditions section of your contract are items provided by the organizers during the service (e.g. food and drink), items the expert is required to provide to complete the service (e.g. workbooks for participants, computer for themselves, materials/slides for a presentation), or anything relevant to your project or event. Over time, your terms and conditions section is likely to evolve and change as you learn ways to best clarify expectations in a way that works best for your organization or team as well as the experts you work with on a regular basis.
Signatures
Last but certainly not least the final part of your contract should be the signature section. This is the simplest section of the whole contract. Ideally this section should include a signature, full name, job title, company name, and the date the document was signed. Each person outlined in the identity section of the contract should complete each area of the signature section. Using online document signing tools are very helpful for this as you can ensure that the information is completed in full with a verified signature.
Defining Expectations
As you negotiate with your speaker or expert, you should be keeping notes about what is agreed upon. Use the notes you take while you write your contract to ensure any special conditions are outlined and the fee is correctly portrayed in the document. Add the special circumstances to the terms and conditions section of the contract. That being said, the terms and conditions section does not need to be as long as a novel. Try to be concise while thoroughly explaining or including the additional needs. Last but certainly not least, have a team member review the contract, especially T’s & C’s additions, before signing and sending the contract to the other parties involved.
Making Amendments
Adding amendments to an already executed contracts is a rare necessity, but in doing so you have a couple of options. If you prefer to amend the original (signed) document this is an option that is relatively easy and quick to manage. When doing so, ensure that any changes made are done so in a different color and/or in bold, italics, or underlined. It is also important to add a date to each change that can be noted in the signature area or in tandem with the contractual additions. Another option for making contract amendments is to create an entirely new document. In this case you will want to ensure that the title and name of the new document coincides with the name of the original contract with the addition of “amendment” or “revision” within the file name. When using an entirely new document it is important to briefly note the details within the original agreement that will be changed. This will ensure all parties involved are aware of the previous agreement as well as the updates. Regardless of which option you choose to use when making contract amendments, always have the updates signed (or initialed) and dated by all parties involved.