Since the emergence of the pandemic, globally thousands of events have got canceled. Events that ensured public gatherings and a lot of engagement got called off. From weddings to trade shows, from live seminars to product launches, everything is now going virtual. COVID 19 has pushed many event management companies and venues to completely close off their businesses.

In a situation like this, no matter which side you are on, you will need to think about a refund. Now, the present times are difficult and there are a lot of things at stake for every business. Hence, there are certain things that you will need to know about refunds. Being an expert on credit collection services with reputed agency Nelson, Cooper, and Ortiz LLC, I offer my clients the following guidelines that you can follow too. Take a look.

Everything Comes Down to Contract

One of the major events that got canceled this year was Wimbledon. Now, the organizers of the tournament were foresighted and hence they included the “Pandemic Clause” in their contract. Just like them, a few more organizers signed the contacts with similar clauses that have kept the loss within their limits. In the future, it is needless to say that everyone will include the Pandemic Clause in their contract. But for now, they have to deal with the existing terms and conditions. If you are the party supposed to be making the refund, you can follow the Force Majeure clause that frees both parties from any kind of liability.

The Early Bird Gets Worm

If you had booked an even site for a seminar or a product launch or anything else, be an early bird. Ask for a refund as soon as possible. Keep in mind that if you are late for 90 days for the refund, the chances of getting the money back goes down by 74%. Hence, it is better to be quick. If you are noticing that they are not willing to make the refunds for your booking, then you can think of involving a debt collection agency from the initial stage.

Go for Goodwill

Even if there is no clause involved in the booking contract, and if you can still afford to give the refund, you should. As an event management company or venue manager, think of giving the money to the clients so that you can establish goodwill in the market. On the other hand, if you have paid the event manager or venue manager and they are in trouble owing to the situation of the pandemic and you can let go of the deposit, then you should. After all, a good business association matters a lot more than money. In the case of both parties, credit can be an option. If you cannot refund, you can consider credit. If you are booking a party and not getting a refund, settle for credit.

Hire Collection Agency

Maybe you have already deposited hundreds of dollars for the event and the organization. And now things have completely changed. In a predicament like this, the event management company or the venue manager can be in a real tight situation where giving refunds seems to be impossible. Involving credit collection services in this matter can be a good decision. As a neutral third party, they can take account of the situation and come up with some clauses of settlements that can help you get the money back from your debtors. They can opt for installments for refunds too.

So, if you have booked for an event or you are the event management company dealing with refunds, both parties can consult debt collectors for better management.