Create volume contracts
A volume contract is a discounted guestroom rate that a property offers a company if the company agrees to buy a set number of rooms over a specified date range. This rate can be granted by a global sales office or a single property. For example, a chain of hotels might create a special negotiated room rate for all flight attendants and other employees of an airline.
After you create a volume contract, you need to indicate the time periods during which the contract is valid.
To create a volume contract
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Do one of the following:
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From an account, click New in the appropriate Volume Contracts section.
- From a contact, click New in the appropriate Volume Contracts section.
- Click the Volume Contracts tab, select the appropriate view, and then click New.
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Select the property and account for the volume contract.
- Click Create Volume Contract. The New Volume Contract page displays.
- Complete the fields on this page as needed. In addition to the standard information, you can provide the following details about the volume contract:
Field Description
Contract Status The following statuses are available:
- Prospect - The volume contract is newly created. No additional actions have been taken.
- Bid - A bid has been sent to the prospective client. This is the default selection.
- Contracted - The property has won the business.
- Declined - The client has refused the bid.
- Lost - The business has been lost to another competitor or city.
- Cancelled - The client has cancelled the contract.
For Declined, Lost, or Cancelled business, your property might require you to complete the fields in the Lost Business Information section.
Anticipated Periods If you want the system to automatically create periods within the volume contract's date range, select one of the following: Yearly, Monthly, Season, or Quarterly. To manually enter the periods using the Volume Contract Periods section, leave this field set to None.
Decision Due Enter the date the contract must be signed and returned by the client. Rate Information Enter the rate or discount for the volume contract. Account and Agency Information If you are creating the volume contract from an account or contact, that information displays here. Otherwise, select the appropriate records. Contract Market Segment Select the market segment for the volume contract.
Contract Type Select the type of the volume contract.
Contract Lead Source Select how the client learned about your property. Revenue Information Contracted and Forecasted values are automatically calculated by the periods created for the volume contract. Each period's forecast information displays in this section of the volume contract.
Actual values are automatically calculated as rooms are picked up within each period of the volume contract. Each period's pickup information displays in this section of the volume contract. The Actual fields on the Volume Contract Period Edit page also update with pickup.
Date Bid Enter the date that you sent the bid to the client. Date Contracted If applicable, enter the date that the client signed the volume contract. The required fields display a red indicator. These fields need to be complete before you can save the record.
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Do one of the following:
- Click Save to save your changes and open the Volume Contract page. You can then create periods, enter pickup, and add notes and attachments.
- Click Save & New to save your changes and create another new volume contract.
- Click Cancel to discard your changes.