Warning Signs: How to Protect Your Wedding During the Recession

With the recession still in full-force and experts speculating that it may get worse before it gets better, many of the vendors you consider hiring may be out of business before your wedding day.

The following guidelines will help to safeguard your event;

Always Require a Contract
While having a contract with a wedding vendor won’t guarantee that they will still in business by the time your wedding occurs, it will help you to retrieve any deposits paid. Be sure the contract clearly outlines the cancellation policy. If the deposit is noted as non-refundable, you won’t get your money back even if the vendor goes out of business.

Watch out for ‘Sales’
If a venue or vendor asks you to pay in full upfront, they could be struggling to stay in business.
When businesses are on shaky financial ground, they may begin offering discounts. While sounding like a bargain, there is often little recourse should the venue go out of business before your wedding day. Instead, wait as long as possible before paying for services.
Also, if the price seems too low for what you’re getting, the vendor may be trying to close the sale but will then have difficulty fulfilling their obligation.

Are They Advertising
Ironically, when businesses run into financial trouble, one of the first things they cut out is advertising. Financially strong businesses are taking advantage of the discounts available and are marketing more, not less.

Are they Organized
If your Contact seems unorganized and scattered, most likely the company’s finances are too. The businesses that will be stable enough to ride out the recession are the ones that are very organized and keep an eye on their books.

Consider Event Insurance
With so many businesses fighting for survival, Event Insurance is a must-have and can often be purchased for under $200. For more information, visit http://www.wedsafe.com/wedding-insurance/index.jsp and http://wedding.theknot.com/wedding-planning/wedding-problems/articles/wedding-insurance-101.aspx?MsdVisit=1

Hire a Wedding Coordinator
An event professional will often hear industry gossip long before it becomes known by the public. They will be better able to guide you to quality vendors that are more financially stable.
Also, in the event that a vendor is unable to perform a service, they will be able to assist you in swiftly finding a reputable alternative.

Planning a wedding is an exciting and fun time. Ensure your wedding remains seamless by being aware of the recession and making smart, well researched decisions.