LEGAL EASE: Contracts in a Buyer's Market

We basked for so long in the glow of an ever-expanding economy and a strong meeting market that planners and hoteliers may have forgotten what a buyer's market is like. And many haven't forgotten — they never knew. Anybody who has been in the industry less than, say, 10 years, has seen things only one way — that is, until recently. The market is shifting from being strongly in the seller's favor to one in which buyers have some clout. And the effect has been felt immediately in the attrition