Meeting management requires extensive knowledge of the terms and conditions of hotel contracts, especially in the following areas: liability insurance, including workers’ compensation; employers’ liability; automobile liability; comprehensive general liability; professional errors and omissions (including environmental impairment liability); and liquor liability insurance. Meeting managers also have to worry about on-site competitors, so they minimize the potential for loss of intellectual capital by including a contract addendum that bars competitors being at your property during your event. Also, cancellation and attrition penalties, if not negotiated properly, can expose an organization to considerable risk.

More on cancellation and attrition penalties: 37 Ways to Mitigate Risk in Your Corporate Meetings & Events Program