TERMS AND CONDITIONSCANCELLATION 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 Event 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 Signature to 120 days prior to arrival 25% of estimated charges
119 days to 90 days prior to arrival 30% of estimated charges
89 days to 60 days prior to arrival 50% of estimated charges
59 days to 30 days prior to arrival 75% of estimated charges
Less than 30 days prior to arrival 100% of estimated charges
*Hotel may, in its sole discretion, consider your notice of cancellation to be invalid and thus may not release accommodations held until payment of the cancellation damages is received; therefore delay in payment may result in higher cancellation damages owed.
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 0% of the Total Anticipated Sleeping Room Revenue, and 50% of the Total Food & Beverage Revenue 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.