Leaving large deposits with Vendors... Taking Risks with your Money
by Leena - Let's Party Consultants

We're all accustomed to signing contracts and leaving deposits with vendors in order to secure the products and services they provide. However, how do you know if you're being asked to leave a reasonable deposit? How much is too much? What are the risks you're taking? All of these questions are common ones, and this article is designed to address the risk factor. Hopefully you'll be armed with enough knowledge to make educated decisions about where to safely spend your wedding budget.

Each vendor and each individual company has it's own payment plan policies. When it comes to weddings, these vendors have to set aside your wedding day and in many cases, turn down other business for that day. This is why many vendors ask for payment in full prior to services rendered. You must do your homework and sign reasonable contracts to make sure you have options for recourse, should something go wrong.

Careful with Contracts!
Signing a contract without reviewing the terms is never a good idea. As the customer, you have every right to review the contract carefully and seek a professional, legal or outside opinion before signing it. It is perfectly acceptable to leave the building with the contract in-hand and take your time reviewing it. Any company that will not allow you to leave with the contract before you sign it, should raise a red flag as being a high-risk company. Contracts are often written in small print and don't often fax/photocopy well. Don't let this stop you from asking questions and asking for a clear copy, or a copy to be sent to you by email. Contracts are often one-sided and are written to protect the company, not the client. You are able to change clauses that you are not comfortable with. An honest and reliable vendor will allow you to change some clauses within the contract to better suit your personal needs. If there is something you are uncomfortable with, make it known to the vendor and request that the clause be changed or worded differently. Be reasonable! Some clauses cannot be changed or altered. Don't expect the vendor to add in clauses that are unrealistic - make sure that the only changes you make consist of changing clauses that are one-sided into clauses that are well-rounded. It is unrealistic to expect a vendor to add in a clause that will be detrimental to the company. Once you sign a contract you are bound by its terms.

Do Your Homework!
Do a background check on the vendor. Don't just sign on the dotted line... do your homework. I often run into clients that signed with the first photographer they met, or florist, etc. You're not doing yourself any good by signing with the first person you meet in each category. Give yourself the benefit of having at least one other person to compare them to. Call the Better Business Bureau for background information, speak to people, and ask pertinent questions. Make sure you go into the vendor meeting with a list of questions about the company and the products/services they are going to provide. Don't sign the contract unless your questions are answered adequately. Signs of a "risky" vendor include one that is unwilling to negotiate the contract, and equally unwilling to provide answers to your questions. See as much as you can see... don't leave a deposit with anyone unless you have seen samples of their work, or they have proven themselves to you in other ways.

Leena - Let's Party Consultants