CANCELLATION AND PERFORMANCE POLICIES. 10.1. The rates and concessions offered by us in the Event Agreement are based in part upon the total revenue anticipated by us from your agreement to use and pay for the bedrooms, meeting rooms and functions as listed in the Event Agreement. You guarantee that your Event will provide the Total Anticipated Revenue. You agree and understand that in the event of a full cancellation or lack of performance by you, we will have lost the opportunity to offer your unused facilities to others either individually or as part of another block and we will incur additional costs in attempting to resell inventory that was already sold to you.
CANCELLATION AND PERFORMANCE POLICIES. The rates offered by us are based in part upon the total gross revenues anticipated by us from your agreement to use and pay for the rooms and events set forth in this Agreement. You guarantee that your Event will provide the Total Minimum Anticipated Revenue. You agree and understand that, in the event of a cancellation or lack of full performance by you, our actual damages would be difficult to determine. Therefore, you agree that should you cancel your Even t for any reason, including changing your meeting/function site to another hotel, you will pay as liquidated damages, plus any applicable state and/or local taxes as required by law, to the Hotel immediately upon notice of cancellation a percentage of Total Minimum Anticipated Revenue for your Event, as follows: Date of Hotel’s Receipt of Cancellation Notice* Percentage of Total Minimum Anticipated Revenue Amount of Cancellation Damages Cancellation between date of signing and 90 days in advance 50 % = $7,875 Cancellation between 89 days to 60 days 65 % = $10,238 Cancellation between 59 days to 30 days 75 % = $11,813 Cancellation Less than 30 days 85 % = $13,388 PERFORMANCE: You further agree to pay reasonable liquidated damages to the Hotel for lack of performance if the Event is held but the Hotel does not realize the Total Minimum Anticipated Revenue from your Event. The damages owed will be the amount necessary for the Hotel to receive no less than 75% or $10,125 of the Total Anticipated Sleeping Room Revenue, 100% or $1,500 of the Total Food & Beverage Revenue plus 100% or $750 Room Rental fee as described in summary table on page 1 of this Agreement, plus any applicable state and/or local taxes as required by law. All estimated Total Minimum Anticipated Revenue performance damages will be due and payable to the Hotel no later than seven (7) days prior to your arrival date, regardless of your Master Account credit status.
