Hosting an event comes with many challenges that will really make you want to give it all up, such as searching for people or companies who are willing to sponsor it. Funds are very important in event planning, more upon preparation and implementation so that you can buy the materials you need and pay the suppliers. If you are looking for sponsors to help you with the funding, you will need a well-written contract agreement that will show your event’s legitimacy. In this article, we will give you some tips that you can use when creating an event sponsorship agreement which you can read below.
An event sponsorship agreement is a legal agreement between the event planner or organizer and the sponsors. The document states the details of the event, how much the sponsors are willing to pay or give, what the sponsor would get in return for funding, and other terms and conditions set by both parties. Event sponsorship agreements are mostly used by institutions such as universities, non-profit organizations, religious entities, sports management, and community clubs that need additional funding for their activities.
Writing an agreement of this caliber needs one to be more aware and knowledgeable about negotiations. But before anything else, you need to discuss your terms with the sponsor first so that you can make a meeting minute on which you can base your agreement. Here are some of the components that you need to include in your sponsorship agreement.
One of the important sections that you need to write down in your agreement is the details of the event host and the event sponsor/s. Write down contact information such as full name, company address, and designation of both parties. If the sponsor sends another person to represent them, still include the name of the main sponsor before the name of the representative.
Next, indicate the term for when you want the agreement to be effective. Is it for one-time only? Or, do you want to extend the agreement for the next events? This will help you set rules such as when the parties should do the agreement renewal and when to send extension notices. Setting up an agreement period helps you assess whether it is worth renewing the agreement upon the next event.
There are times when sponsors do not want to compete with other brands, companies, or individuals so they can maximize their exposure to an audience. If the sponsor is uncomfortable with the thought of another same company sponsoring your event, then it is best that you talk it out with the sponsor to hear their conditions.
What can you offer to the sponsor in return for the cash or goods they have given for your event? Free advertisement? Free prints of the company logo on collaterals? Or, free entrance to the event venue? Always remember that what you offer, may it be rights or benefits, must exceed or be of the same value as their payment.
By intellectual property, we mean logo, brand name, and other relevant business trademarks that may be used in marketing or advertising. You need to consider how the sponsor would want you to use them and under what circumstances you are allowing them to use the properties.
There are various benefits that one can totally benefit from when sponsoring an event. Sponsoring provides an opportunity to reach more audiences or customers since it gives you space to advertise your business maximum. Furthermore, you are able to promote your products or services to the public which is very important if you want exposure for your business.
An event sponsorship agreement is necessary because it helps you establish your business’s credibility, making it easier for you to foster good relationships with other people, businesses, and organizations. It also helps you in the legal aspect of your business, protecting you from any unfortunate circumstances such as the illegal use of your intellectual properties.
Sponsors do not only help you in the financial aspects of your events, but they can also lend you a hand in other things such as free use of event venues, free transportation, additional promotions that may increase the chance of getting an audience, and others.
In conclusion, there are so many ways that sponsorship can help your event today and in the future. Sponsorships also help you connect with other people that may truly help you in the development and growth of your business as a whole. Download our editable event sponsorship templates today which you can access on our website.
