3.07

1. 3.07 Establish barter agreements (vendors, media, etc.)

2. Bartering • Trading or exchanging a good or service for another good or service. • Ex: Posting Fresh Water Company’s sign at the event participant registration desk in exchange for bottles of water to give the runners who participate in the event.

3. Barter Agreement • Agreement between two entities for the exchange of goods or services where both entities gain. • Ex. I will wash your car, if you take me to school for a week.

4. Reasons for Barter Agreements • Helps to decrease cost • If you are getting an item at no cost, your overall out of pocket expenses are lower. • Win for both parties involved • Both parties get the desired outcome they want per the agreement.

5. Terms/Considerations in Making a Barter Agreement • Determine what each party has to trade. • Could be one item/service or multiple items/services. • Determine exactly what each party wants to trade the other for. • Only trade for items/services you will actually need/use. • Determine the value of the items/services bartering for. • Make sure they are equal or that • Clearly spell out the terms of the agreement. • Leave nothing for interpretation. • Limited the terms of the agreement. • Don’t make an open ended agreement, keep it to a certain event or timeframe. • Put the agreement in writing and obtain signatures. • Do not settle for a verbal agreement. • Be flexible, but let the other side take advantage of you.