How can I contract with my stakeholders?

A successful event often involves external service providers. If you’re planning a conference or trade show, for example, you’ll likely need to find speakers. Recruiting great speakers is no easy task, but choosing the right contract for them can be even more challenging. There are different types of contracts and engagements depending on the event you’re organizing. Here’s a guide to help you contract with your speakers based on the type of engagement you need.

Types of Speaker Engagements

Free Engagements

In some cases, speakers might agree to participate for free. When does this happen? It could be for volunteer work or simply because the speaker feels strongly about the topic and doesn’t seek payment.

If you plan to offer unpaid engagements, be clear about this from the start—mention it directly in your recruitment efforts (such as in a job posting). Be aware that it’s generally harder to recruit unpaid speakers, as the adage “every job deserves a salary” often rings true. Consequently, don’t expect to attract high-profile speakers. After all, you wouldn’t expect Bill Gates to speak for free, would you?

Engagements Through Exchange

You can establish an exchange agreement with a speaker. This type of arrangement often involves someone with a certain level of prominence. In this scenario, the speaker brings visibility to your event, and in return, you cover their travel and accommodation expenses.

This creates a win-win situation:

• For you: You allocate a minimal budget for speaker recruitment and gain visibility if the speaker is somewhat well-known in their field.
• For the speaker: They get to discuss a topic they’re passionate about, reach a new audience, and expand their network—all at little cost to themselves.

In some cases, the exchange might involve other terms. For example, you could allow the speaker to promote their latest book during the last 10 minutes of the session, provided they dedicate the first 50 minutes to a specific topic.

It’s up to you to clearly define the terms of the exchange in advance.

Paid Engagements: The Standard Contract

The most common type of speaker engagement involves payment. In this case, you establish a standard contract between the employer (you) and the employee of the day (the speaker). This usually involves a fixed fee for the duration of the event.

Note that some speakers may require special permissions. For instance, hospital practitioners might need approval from their institution’s management to take on external activities. Ensure you’re aware of such requirements, particularly if you’re organizing a medical conference and inviting doctors.

Tips for a Successful Collaboration

Sign a Contract

Regardless of the type of engagement—free, exchange-based, or paid—we strongly recommend drafting and signing a contract with the speaker. This ensures all terms of the collaboration are clearly defined in writing, protecting both you and the speaker.

While some may argue that a verbal agreement is enough, relying solely on trust with someone you’ve just recruited is risky. It’s better to prepare for the worst to ensure everything goes smoothly.

Have a Lawyer Draft the Contract

When it comes to contracts, things can quickly become complicated. No matter which engagement type you choose, legal vigilance is essential. To avoid loopholes, have the contract prepared by a qualified professional, such as a lawyer.

While you hope for the best, unforeseen issues can arise during collaboration. Protecting yourself in advance is always a wise move.

Prepare Documents in Advance

Make sure all necessary documents are ready well in advance. For instance, if you need bank details to process payment, request them before the event. You won’t want to deal with paperwork when you’re busy managing the event itself.

Additionally, we strongly recommend having the contract signed before the event day. This helps avoid no-shows, as speakers occasionally fail to show up. A signed contract allows you to seek compensation in such cases.

Final Thoughts

Recruiting speakers is a critical task for event organizers. Drafting a contract that covers all collaboration terms isn’t something that can be done on a whim.

Our advice? Take your time to weigh the pros and cons of each option, choose the one that aligns with your budget and expected ROI, and ensure the speaker signs a contract. Then, on the big day, enjoy watching your collaboration become a resounding success!