Recently I was talking with some meeting planners about how confusing "hotel lingo" can be. I agree, the terms we all use in our work may not be recognizable in others.
Here are a few definitions you should know.
Request For Proposal (RFP): An RFP is not a contract. RFPs are considered an invitation for an offer to be made and potentially a contract issued.
Banquet Event Order (BEO): BEOs are the internal document generated to communicate to the hotel staff what the requirements of your meeting are. BEOs will list your meeting set up, food and beverage, audiovisual and any other specifics about your meeting.
Cutoff Date: The cutoff date is the date the hotel releases your room block back to the general inventory.
Indemnification: To indemnify means to guarantee against any loss or damage that another might suffer. These clauses in contracts are used to protect both parties against the negligent acts.
Force Majeure: Irresistible Force - the purpose of a force majeure clause is to protect both parties in the event that a part of the contract cannot be performed due to unavoidable causes which are outside of either parties control.
Attrition: Hotels set a value to your contract. An amout of money they expect your business to generate. "Attrition" occurs when a meeting is held but fails to reach expectations, either in number of rooms or the food and beverage revenue to the hotel.
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