Business Contracts
Sponsorship Agreement
New York
Can a sponsorship agreement be terminated if the sponsor fails to fulfill their obligations?
I am currently in the process of negotiating a sponsorship agreement with a potential sponsor for an event I am organizing. However, I have concerns about the sponsor's ability to fulfill their obligations as outlined in the agreement, such as providing financial support and promotional materials. I would like to know if there are any legal grounds for terminating the agreement if the sponsor fails to meet these obligations, and what steps I should take to protect myself and my event in such a situation.
Answers from 1 Lawyer
Answer
Business Contracts
New York
Damien B.
ContractsCounsel verified
October 3, 2023
If the sponsor doesn't fulfill their obligations as outlined in the agreement, it could be considered a breach of contract. You would refer to any termination clause or event of default clause in the agreement. You would want to have an agreement with a termination clause to protect yourself and possibly an event of default section. Outside the agreement, you would want to document all communication regarding the matter. Feel free to reach out if you have a follow-up question.
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Do advise if your firm handles breach of contract / business litigation cases.
Nicholas A.
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