You have an event coming up but you do not have the space to hold it in. You are interested in a Training Facility Rental but you do not know how to negotiate a contract. In a current market where there is an abundance of space, finding the space is not necessarily the problem. There are 3 simple steps that will get you into a facility easily and without a lot of daunting details concerning a contract.
As the client, know your needs before you negotiate the contract. How long do you want the facility for and what are comparable prices in the area? Go in with a number in mind and expect for a landlord or business owner to meet those demands. With your details already formulated you take less risk in buying or leasing more then you will need. Unfortunately, in a market where there is a surplus of inventory, there may be unsavory characters that are trying to make up for their loss.
Next, find out the expenses up front for every service you can think of. Do you need a wait staff or food, the evening of your event? If you do not use the wait staff or kitchen on site will there be an expense for bringing in your own crew? Read the contract for costs of tables, chairs, even electronic equipment. Are you responsible for the cleaning up of the facility at the end of the night? Consider any expense for what may be broken during the evening. Get all the fine details written into the contract.
Lastly, consider what the charges will be if you default on the contract in the event you do not need the space. Certainly a deposit is required when you sign the contract but it is should be in proportion to the site. A retainer or deposit fee of anywhere from 10% to 20% is required up front with the remainder to be paid at the end of the event. In most cases, depending on the cancellation policy, the security deposit is non-refundable the closer you get to the evening or day of the event.
