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Common use of Food and Beverage Clause in Contracts

Food and Beverage. 7.1 The Group agrees to provide a minimum of $XXXX in food and beverage inclusive of service charges and taxes. Should the Group’s food and beverage revenue fall below this amount, the Group shall be liable for the difference between the minimum food and beverage revenue and the actualized food and beverage revenue multiplied by 40% (minimum food and beverage revenue minus actualized food and beverage revenue multiplied by 40%). This amount will be placed on the Group’s Master Account. The parties intend to liquidate damages in the event the Group fails to meet the food and beverage minimum set forth in this section. Therefore, the parties agree that (a) the above formula is a reasonable estimate of the Hotel’s damage in the event the food and beverage minimum set forth in this section is not met and (b) the liquidated damages set forth in this section do not constitute a penalty. The Hotel agrees to contact The Group to review the F&B commitment on or before: Day, Month, Year 30 days after (YEAR) conference Day, Month, Year 30 days after (YEAR) conference Day, Month, Year 30 days after (YEAR) conference Day, Month, Year 6 months prior to conference

Appears in 2 contracts

Samples: Hotel Agreement, Hotel Agreement

Food and Beverage. 7.1 The Group agrees to provide a minimum of $XXXX in food and beverage inclusive of service charges and taxes. Should the Group’s food and beverage revenue fall below this amount, the Group shall be liable for the difference between the minimum food and beverage revenue and the actualized food and beverage revenue multiplied by 40% (minimum food and beverage revenue minus actualized food and beverage revenue multiplied by 40%). This amount will be placed on the Group’s Master Account. The parties intend to liquidate damages in the event the Group fails to meet the food and beverage minimum set forth in this section. Therefore, the parties agree that (a) the above formula is a reasonable estimate of the Hotel’s damage in the event the food and beverage minimum set forth in this section is not met and (b) the liquidated damages set forth in this section do not constitute a penalty. The Hotel agrees to contact The Group to review the F&B commitment on or before: Day, Month, Year 30 days after (YEAR) conference Day, Month, Year 30 days after (YEAR) conference Day, Month, Year 30 days after (YEAR) conference Day, Month, Year 6 months prior to conference

Appears in 1 contract

Samples: Hotel Agreement

Food and Beverage. 7.1 The Group agrees to provide a minimum of $XXXX in food and beverage inclusive of service charges and taxestaxes (the “F&B Commitment”). Should the Group’s food and beverage revenue fall below this amount, the Group shall be liable for the difference between the minimum food and beverage revenue F&B Commitment and the actualized food and beverage revenue multiplied by 40% (minimum food and beverage revenue F&B Commitment minus actualized food and beverage revenue multiplied by 40%). This amount will be placed on the Group’s Master Account. The parties intend to liquidate damages in the event the Group fails to meet the food and beverage minimum set forth in this section. Therefore, the parties agree that (a) the above formula is a reasonable estimate of the Hotel’s damage in the event the food and beverage minimum set forth in this section is not met and (b) the liquidated damages set forth in this section do not constitute a penalty. The Hotel agrees to contact The the Group to review the F&B commitment Commitment on or before: Month Day, Month, Year 30 days after ([YEAR) ] conference Month Day, Month, Year 30 days after ([YEAR) ] conference Month Day, Month, Year 30 days after ([YEAR) ] conference Month Day, Month, Year 6 months prior to conferencebefore Meeting

Appears in 1 contract

Samples: Hotel Agreement

Food and Beverage. 7.1 The Group agrees to provide a minimum of $XXXX 100,000 in banquet food and beverage inclusive exclusive of service charges and taxes. Should the Group’s food and beverage revenue fall below this amount, the Group shall be liable for the difference between the minimum food and beverage revenue and the actualized food and beverage revenue multiplied by 40% (minimum food and beverage revenue minus actualized food and beverage revenue multiplied by 40%). This amount will be placed on the Group’s Master Account. The parties intend to liquidate damages in the event the Group fails to meet the food and beverage minimum set forth in this section. Therefore, the parties agree that (a) the above formula is a reasonable estimate of the Hotel’s damage in the event the food and beverage minimum set forth in this section is not met and (b) the liquidated damages set forth in this section do not constitute a penalty. . 7.2 The Hotel agrees to contact The Group to review the F&B commitment on or before: DayNovember 30, Month, Year 2016 30 days after (YEAR) conference DayFall 2016 Meeting May 15, Month, Year 2017 30 days after (YEAR) conference DaySpring 2017 Meeting January 15, Month, Year 30 days after (YEAR) conference Day, Month, Year 6 2018 2 months prior to this Spring 2018 Meeting 7.3 Based on such review, if the parties mutually agree to any adjustment to the F&B commitment, as well as corresponding changes to the conference’s meeting and function space block, such changes to this Agreement shall be confirmed in writing and signed by both parties at these times without penalty.

Appears in 1 contract

Samples: Hotel Agreement

Food and Beverage. 7.1 The Group agrees to provide a minimum of $XXXX in food and beverage inclusive of service charges and taxes. Should the Group’s food and beverage revenue fall below this amount, the Group shall be liable for the difference between the minimum food and beverage revenue and the actualized food and beverage revenue multiplied by 40% (minimum food and beverage revenue minus actualized food and beverage revenue multiplied by 40%). This amount will be placed on the Group’s Master Account. The parties intend to liquidate damages in the event the Group fails to meet the food and beverage minimum set forth in this section. Therefore, the parties agree that (a) the above formula is a reasonable estimate of the Hotel’s damage in the event the food and beverage minimum set forth in this section is not met and (b) the liquidated damages set forth in this section do not constitute a penalty. . 7.2 The Hotel agrees to contact The Group to review the F&B commitment on or before: Day, Month, Year 30 days after (YEAR) conference Day, Month, Year 30 days after (YEAR) conference Day, Month, Year 30 days after (YEAR) conference Day, Month, Year 6 months prior to conference 7.3 Based on such review, if the parties mutually agree to any adjustment to the F&B commitment, as well as corresponding changes to the conference’s meeting and function space block, such changes to this Agreement shall be confirmed in writing and signed by both parties at these times without penalty.

Appears in 1 contract

Samples: Hotel Agreement