Must-haves for international contracts for meetings & events:
We love the insights from Terri Woodin, CMP, vice president of marketing and global meeting services, Meeting Sites Resources, regarding international contracts. Woodin addresses foreign currency challenges as well. You can read his full article on Meetings Net here. Below, are 2 of the take aways:
1. Calculate the Currency: Fluctuations in exchange rates can significantly increase the cost of your event. Woodin advises planners to determine an exchange rate and fix it in the contract. If the venue refuses, ask for a rate range so that there is an upper ceiling on the amount planners will pay. 2. Does Your Platform Take Pesos or Pounds? To avoid paying additional fees to convert currency when renting equipment or purchasing services outside the venue, planners should consider allowing some attendees to pay in the local currency at registration. When sourcing for the event, make sure your registration platform allows attendees to choose a currency, particularly if your event is in the European Union and some attendees will be from countries that use the euro. Protect your event from foreign currency fluctuations: Meeting Escrow eliminates the risk of planning events in foreign currencies by offering in-trust accounts denominated in US dollar, Euro, Canadian dollar and 17 other currencies to protect your meeting budget for events out-of-country. We convert your funds immediately upon receipt which eliminates downside foreign exchange risk. All vendor payments are made from the foreign currency in-trust account assigned to you.