Event Vendor Contract Review Assistant

Here is my review of the catering contract with suggested changes and rationale:

Payment Terms

• Current terms: 50% deposit due upon signing, remaining 50% due 7 days prior to event
• Suggested change: Reduce deposit to 25% upon signing, additional 25% due 30 days prior, remaining 50% due within 30 days after satisfactory completion of services
• Rationale: Reduces upfront cash outlay and withholds final payment until confirming caterer's performance, while still providing caterer adequate deposits to cover food/labor costs

Cancellation and Failure to Perform

• Add clause: "If Caterer cancels this contract for any reason other than Force Majeure within 60 days of the event date, Caterer shall refund all prepaid amounts plus pay a cancellation fee of 25% of the total contract value as liquidated damages."
• Add clause: "If Caterer fails to provide the agreed upon food, beverage, staffing and/or service levels for the event, Organizer will receive a refund of the final 50% payment, and may seek additional damages for any losses incurred."
• Rationale: Imposes penalties on caterer for unexcused cancellation or material failure to deliver, helping ensure commitment and performance. Preserves organizer's right to recover damages.

Detailed Menu and Service Specifications

• Add an "Exhibit A" with the full detailed menu, including specific ingredients, portion sizes, presentation, etc. Have caterer sign off on this exhibit.
• Specify agreed staffing levels (e.g. 1 server per 20 guests), table set-up, event timeline, etc.
• Rationale: Clarifies exactly what food and service caterer is committing to provide, and aligns expectations. Avoids vagueness and makes it easier to identify any shortfalls in performance.

Insurance Requirements

• Increase caterer's required general liability coverage from $1M per-occurrence/$2M aggregate to $5M per-occurrence/$5M aggregate
• Require caterer to name organizer as an Additional Insured on their policy
• Rationale: Increases financial protection for organizer in case of any accidents, injuries or illnesses resulting from caterer's operations or products. Being named Additional Insured provides direct coverage under caterer's policy.

In summary, the key changes:

1. Adjust payment schedule to reduce upfront amounts at risk while still being fair to caterer
2. Add teeth to cancellation and performance clauses to hold caterer accountable
3. Spell out detailed food and service specifications to clarify expectations and commitments
4. Increase insurance requirements to better protect the organizer

These edits aim to put you in a stronger position and mitigate potential risks, while still maintaining a balanced and workable contract. Let me know if you would like me to draft the specific contract language for any of these changes.