The event industry is living one of the most difficult times of its existence. The Coronavirus outbreak has forced an incredible amount of events to be postponed. But postponed until when? And what will happen in Q4 2020?
More why Postponement will mean a busy Q4 via Event Manager Blog here.
Clients, when working through the postponement of their events have concerns such as "what happens to my deposits? What if the vendor isn't in business when my event take place?" There are financial options when it comes to the postponement of your events in times of crisis. One way is to protect your organisation by using a third party to hold payment deposits in escrow. Putting event funds in an escrow trust account creates trust because vendors know the money is available to pay them, and organisations can be confident that services will be delivered before payment is made. Neither party can “hold the money hostage” and both must negotiate in good faith.