The University of Chicago

Financial Services

  

Guidelines for Planning, Negotiating and Conducting Contract Review for Hotel and Event Agreements


Purpose: 
Provide planning and contract review assistance for hotel and event agreements to be concluded at the departmental level.

Planning for your Hotel Event:

Preferred Hotels:

Non-Preferred Hotels:

Dates Damages
Contract Signing to 121 days to start date of event No Penalty Applies
120 days up to 91 days prior to start date of event 25% of Guestroom Revenue only
90 days up to 61 days prior to start date of event 50% of Guestroom Revenue only
60 days up to 31 days prior to start date of event

75% of Guestroom Revenue,
40% of Food & Beverage, and Rental Minimums

30 days prior to start date of event

85% of Guestroom Revenue,
80% of Food & Beverage, and Rental Minimums

When the review processes is completed, initial and date all sections in the Venue's agreement that were stricken. Send the contract back to the Venue representative. Request they also initial and date the changes as well as signing the Venue Addendum. Upon receipt, countersign and return a copy to the Venue. Department should keep a copy of the executed contract on file.

Addendums - Restaurant, Catering and Charter Vessel

The use of the Addendum process mitigates the University's risk.

Instructions:

Submit the applicable Addendum listed below to the venue. Venue returns both the signed addendum and the signed event contract. Department countersigns the venue's contract and prepares the deposit as required. Retain a copy for your records.

If an addendum is not accepted change the following:
Cancellation and Dual Indemnification to meet the Standard University language.

Review of Facility Space Rental:

To conduct Space Rental reviews, target the following areas:

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