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What is the purpose of a retainer agreement?
2.1 The purpose of a Retainer Agreement is to set out the exact duties of the Member and the Client so that all parties to the Agreement have clear expectations regarding what will be provided, how the service will be provided, and at what cost.
How does a retainer contract work?
A retainer fee is an amount of money paid in advance by a client to assure your services will be available to them for an extended amount of time. The client pays a lump sum upfront, or makes a recurring monthly payment, and you work with them on a long-term project, or provide them with access to services each month.
What should be included in a retainer agreement?
The amount you're to receive each month.
The date you're to be paid by.
Any invoicing procedures you're expected to follow.
Exactly how much work and what type of work you expect to do.
When your client needs to let you know about the month's work by.
What retainer means in law?
A fee that the client pays upfront to an attorney before the attorney has begun work for the client. As the lawyer performs work, he or she withdraws money from that trust account as payment for the work done. Any amount that is left over after legal representation has concluded must be refunded to the client.