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Guide to securing the right suppliers for events #2

Planning an event involves numerous tasks, and one of the most critical ones is selecting the right suppliers. A supplier can make or break your event, so it's essential to take the time to find the right one. This blog provides a guide to securing the right suppliers for events, focussing on contracts and service level agreements.

Guide to Contracts

Once you have selected a supplier, it's essential to have a contract in place to protect both parties' interests. A contract should outline the terms and conditions of the agreement, including:

  • Scope of work: Specify the products or services the supplier will provide and the timeline for delivery.

  • Payment terms: Outline the payment schedule, including the amount, due dates, and method of payment.

  • Termination clause: Specify the conditions under which the contract can be terminated by either party.

  • Intellectual property: Clarify who owns the intellectual property rights for any products or services developed under the agreement.

  • Confidentiality: Include a confidentiality clause to protect sensitive information shared between the parties.

Guide to Service Level Agreements

A service level agreement (SLA) is a document that outlines the service standards expected from the supplier. It provides a set of metrics and targets against which the supplier's performance will be measured. A service level agreement should include:

  • Service description: Specify the products or services to be provided.
  • Service level objectives: Define the service level objectives, including response times, resolution times, and availability targets.

  • Performance metrics: Specify the metrics that will be used to measure the supplier's performance, such as the number of defects or errors.

  • Reporting and review process: Outline the reporting and review process for the SLA, including how often it will be reviewed and reported.

  • Penalties: Specify the penalties that will be imposed if the supplier fails to meet the SLA targets.

In conclusion, selecting the right suppliers is critical to the success of your event. Due diligence, contracts, and service level agreements are essential tools to ensure that you have reliable and trustworthy partners who can meet your expectations. By taking the time to perform due diligence, negotiate a detailed contract, and define service level expectations, you can reduce the risks and enhance the chances of a successful event. 

In addition to the steps mentioned above, when you're in the process of planning your event, don't forget to consider the importance of event insurance. Events can be unpredictable, and unexpected circumstances can sometimes disrupt even the best-laid plans.

That's where Vento Insurance comes in, providing you with an extra layer of peace of mind. Vento offers event insurance cover tailored to your specific needs, helping you safeguard your investment and eliminating potential financial risks associated with your event. Whether it's protection against cancellations, property damage, or liability issues, you can rely on Vento to provide you with the coverage you need, allowing you to focus on making your event a resounding success. 

So, when you're securing your suppliers and ensuring all the details are in place, remember to consider Vento for comprehensive event insurance coverage. It's a smart choice to help you navigate the uncertainties of event planning with confidence.


Hear about first hand experiences from event organisers, relating to organisation, planning, insurance for events in the UK, and mishaps along the way at Freddie's podcast, WHEN SH*T GOES WRONG AT EVENTS.

 
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