Posted by Liz Holtby, Vice President, Operations, Meeting Escrow Inc.
In this M&IT article, htps://mitmagazine.co.uk/blogs/forget-blue-monday-all-we-want-is-to-get-covid-done/?oly_enc_id=1983B3238156J0V, it states “All we want in 2021 is to Get Covid Done”. I don’t think COVID will ever be done. There will be different strains, resurgence and vaccines that will need to be taken more than once. It will be about managing this virus and safely attending face-to-face events that we are all dying to get back to.
The million-dollar question: when will it be safe to sign event contracts? Clients are worried about releasing advance deposits to vendors for future events, unsure if the event will occur and concerned about vendors’ long-term viability. We all want to get the industry moving again, and it takes efforts from both the clients and the vendors to make this happen. If clients knew they could put their advance deposits into an escrow trust account instead of in the hands of the suppliers, more contracts could get signed, making our industry a little brighter. The beauty about the Escrow Trust accounts (one account per program), is the flexibility it provides amidst all of this uncertainty. Funds can be redirected when programs are postponed. Also, when advance deposits are in escrow trust accounts, both parties come to the table and negotiate fairly.
For more details on Meeting Escrow’s Solutions please contact firstname.lastname@example.org or book a discovery call with one of our Meeting Escrow specialists to learn about how escrow trust account solutions can help your organization.