Basically contracts that say "in the event of" means "we are not responsible if the worst thing that could happen actually happens". If that is already in the contract, ask specifically what that means. You should also check on your local boards for input on any vendor to see if anyone there has had a bad situation arise.
No, there is nothing there for either side protection. We are just asking around to see if this is common to have in a contract (something for our protection).
Our contract was 3 pages long and one of the clauses said that if our reception hall should not be available for the event due to acts of god, terrorism, earthquake, fire, flood etc etc that our deposit would be refunded to us but that the venue holds no liability for consquential damages.
It surprises me that your venue does not really have a contract. Do you even have in writing that you have paid a deposit and the hours / services that will be given to you for that amount of money? If you have a wedding coordinator I would discuss with them. I would be uncomfortable not having a proper contract with a venue.
I'm going to contact them now. Full payment is due a week prior to the event and any credits will be issued within the week after the e net (extra payment for guests who did not attend)
Re: "in the event of" in contract