Core Competency: Finance & Contract Management

The domain of Finance & Contract Management includes content in the areas of Attrition, Cancellation, Contracts, Fed Biz Opps, Force Majeur, Fundraising, Legal Terminology, Negotiations, No Cost Contracts, Penalties and Damages, Prioritizing, Procurement, Purchase Orders, SAM, Secondary Contracts, and Sponsors. View each subdomain below; the bold text shows each subdomain's alignment with EIC domains.

• As a government meeting professional you will often be tasked with negotiating rates and improving the cost-effectiveness of government meetings.  Education in procurement and contracting is essential to planning a successful event.  These courses will outline the requirements for procurement in the government, contract language, sponsorships, and attrition. 

Domain D: Financial Management

• Attrition:  The difference between the actual number of sleeping rooms (or food/beverage) or revenue) realized and the number agreed to in the contract between he group and the facility

Domain D: Financial Management

• Cancellation.  Provision in the contract which outlines damages to be paid to the non-cancelling party if cancellation occurs.

Domain D: Financial Management

• Contracts:  A written or spoken agreement, that is intended to be enforceable by law.   Entering into a formal and legally binding agreement.

Domain D: Financial Management

• Fed Biz Opps.  The purpose of FedBizOpps is to collect, maintain, and disseminate information on Federal procurement solicitations to the public. System information is used to administer and manage Federal buyer access, maintain interested vendor lists, and keep vendors informed of Federal solicitations of business interest.

Domain A: Strategic Planning, Domain B: Project Management, Domain I

• Force Majeure Clause:  A clause in an agreement that excuses performance in the event that a FORCE MAJEURE makes the performance impracticable or impossible.

Domain D: Financial Management

• Fundraising:  Seeking to generate financial support for your organization (event)

Domain D: Financial Management, Skill 7, Sub Skill 7.1

• Legal Terminology.  Written language in the contract that make it binding if going through court.

Domain D: Financial Management

• Negotiations:   A discussion aimed at reaching an agreement.

Domain D: Financial Management

• No Cost Contracts:  Is a formal agreement between a government entity and a vendor under which the government makes no monetary payment for the vendor’s performance.

Domain D:  Financial Management

• Penalties and Damages:  A punishment imposed for breaking a law, rule, or contract

Domain C: Risk Management

• Prioritizing Needs vs. Wants:  Is the act of creating a list of what you have to have for the meeting to be successful verse what you would like for concessions.   

Domain A: Strategic Planning

• Procurement Processes:  Finding and agreeing to terms, and acquiring goods, services or work from an external sources, via competitive bid process.    

Domain G: Meeting or Event Design

• Purchase Orders:  Written authorization for payment to be made.

Domain D: Financial Management

• System for Award Management (SAM):  Is a Federal Government owned and operated free web site that consolidates the capabilities in Central Contractor Registration (CCR)/FedReg, Online Representations and Certifications Applications (ORCA) and the Excluded Parties List System (EPLS).

Domain A: Strategic Planning, Domain I: Marketing

• Secondary Contracts:  Means a contract awarded to the Transferee Admission Body by the Transferor Scheme Employer in substitution for or in immediate succession to a contract in respect of which this Agreement was entered into or its term extended.

Domain G: Meeting or Event Design

• Sponsors:  An individual or organization that pays some of all of the costs involved with an event in return for being advertised.

Domain D: Financial Management