Months of hard work and preparation can easily go to waste with the wrong contract. This applies to any contract, including contracts for any sponsorship sales or experiential marketing project. The right contract will have a few key qualities, all written out in clear detail, including an offer, mutual consent, consideration, and a legal purpose.
Sponsorship Sales & Service Contract Offer
First, it is imperative to find the best partner for your sponsorship or event. That process varies per project, so it is best to consult with others within that/your field. Once you have found the best partner for your sponsorship or event, it is time to clearly write out your offer. A successful contract offer must be written out as clearly and as simply as possible. The easier an offer is to digest, the quicker it will be agreed upon, the shorter negotiations will be, and the more easily long-term contract renewals will be ensured.
Clear-Cut Mutual Consent in a Contact
No matter the length of negotiations, as with some projects, services, partners, and rightsholders, some negotiations may last longer than others, explicit mutual consent is mandatory and highly important in a successful contract. Everything that is agreed upon must be hammered out in detail, for a successful contract. Implications need to be stated in order to ensure that rightsholders, as well as brands, are fully satisfied with their decision and that there will be no future conflict.
Consideration is what makes a contract a formal exchange, and not a one-sided affair, or a gift. It is an exchange of promises. Consideration essentially makes a contract, so, again, it must be detailed, but also easy-to-read. An extra thing to note is that contract consideration that allows for expansion and extension is often considerably profitable, simply due to trust.
Contract Legal Purpose
As with the qualities above, all contracts need a legal purpose to have inforced their legalities, and what they provide. Without a thoroughly-stated legal purpose, the contract will simply not be adhered to, rendering it null and void.
Tandem Partnerships Ensures Long-Term Contract Renewals
We find the most successful partners for properties or events by working with rightsholders nationwide. Better yet, we ensure that rightsholders, as well as brands, go through efficient and effective negotiations. The caliber of work we provide at Tandem Partnerships ensures long-term contract renewals.
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