First Option: A space hold extended by the FCEC where the group has first right of refusal and is subject to the terms of this policy until the Release Date; at which time holder must either proceed to contract or release the booking.
Second Option: A space hold accepted by FCEC secondary to a prior (First Option) booking for the same space/dates. A second option hold becomes first option in the event of release of the first option hold.
Release Date: Date at which a prospect hold expires. At this point, FCEC may release (cancel) the booking; extend it by mutual agreement, or proceed to contract as appropriate.
Prospect Hold: Holds that reserve space without a commitment of a License Agreement. Prospect holds can be on first option or second option basis and can be challenged subject to the terms of this policy.
Tentative Hold: A space hold in which a License Agreement has been issued to the holding party, but the License Agreement has not been executed and a deposit has not been received. A tentative hold is subject to release or may be challenged if the License Agreement and the deposit are not submitted by the due date.
Definite Hold: Confirmed space hold with an executed Use License Agreement and initial rental deposit in place. A definite hold cannot be challenged.
Use License Agreement: The FCEC’s basic contract is the Use License Agreement, which spells out rights and responsibilities of Licensee (Client) and LEGENDS GLOBAL (FCEC). This document is legally binding and should be carefully reviewed before execution. A Use License Agreement will not be executed by the Center without the designated rental deposit.
License Agreement Due Date: Date by which a Use License Agreement must be signed and deposit submitted to keep a booking in effect. This protects the Center against loss from sudden or short-term cancelation of an event for which a Use License Agreement has been issued but not executed. Space holds may be challenged in the event the Use License Agreement and required rental deposit are not returned by the due date.
Authorized Areas: Space specifically contracted to Licensee as outlined in Exhibit A of the License Agreement.