Retainer Agreement Template | Awesome Sign

Retainer Agreement Template

A retainer agreement is a type of legal contract in which one party, the retainer, agrees to pay another party, the service provider, a fixed amount of money for services to be rendered at some future point.

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Retainer Agreements

A retainer agreement is a type of legal contract in which one party, the retainer, agrees to pay another party, the service provider, a fixed amount of money for services to be rendered at some future point. Retainer agreements are commonly used in the legal profession, where clients agree to pay their attorneys a certain amount of money each month or year, even if no legal work is performed. This arrangement helps ensure that attorneys will be available to take on new clients and provides financial stability for the law firm.

Retainer agreements can also be used in other professions, such as accounting or consulting. In these cases, the retailer pays for a set number of work hours by the service provider. The service provider is compensated for this time even if no work is performed.

Contracting parties may enter into a retainer agreement for many reasons. Still, the most common cause is to ensure that specific services will be available in an emergency. For example, you might pay an electrician a retainer fee so that he will always agree to come out and fix your lights when they go out. You can also use a retainer agreement to ensure you have access to a resource when needed — such as having someone oversee renovations on your house while you're on vacation (for which you could compensate the overseer with a weekly or monthly fee).

A basic retainer agreement includes:

  • The names and contact information of each party.

  • A description of the primary service to be provided. This will generally include specific tasks, such as "install exterior lighting" or "mow lawn four times per month."

  • The term of the agreement (how long it lasts).

  • An estimate of how much time/money/materials the service provider anticipates needing to provide each task described in the retainer agreement. Be sure to consider how many hours your electrician would expect to spend travelling between jobs, for example, and how much he will charge you for that travel time. Include this in your estimate.

  • A payment schedule (how often and in what increments) the retainer is expected during their relationship with the service provider.

  • The total amount of the retainer.

Both contracting parties should review and sign the retainer agreement before starting work. This document can be used to memorialise the agreement between them and can be helpful if any disputes or misunderstandings arise later on. If you have any specific legal questions, it's best to speak with an attorney before signing a retainer agreement. Retainers are often used in the legal field but are not limited to that area. They can be used in other professional areas such as accounting or consulting. In these cases, the retailer pays for a set number of work hours to be done by the service provider.

Template Preview

Retainer Agreement

Date: _____________________________________. Retainer Agreement Template Sample This agreement ("Agreement") is made as of the date above by and between _____________________________________.(hereinafter referred to as "Client") and _____________________________________. (hereinafter referred to as "Consultant").

  1. Date of Agreement: This Agreement is dated as of ____., 20. and is for a term of ____ (from now on referred to as "Term").

  2. Description: The Consultant will render services or products for Client as described below: _____________________________________. .

  3. Consent to Assignment: This agreement may not be assigned by either party without the prior written consent of the other. Any attempted assignment in violation hereof shall be null and void and without effect. If this Agreement cannot be assigned with the business or assets of either party, it shall terminate at such time unless both parties agree otherwise in writing signed by each party; provided, however, if this Agreement ceases due to an assignment, it will so terminate without prejudice to the rights of any party which may have hereunder accrued before such termination.

  4. Fees: The Consultant shall be compensated at the rate of _____. per hour (or ____. per day, ____. per week, or ____. per month) for all time spent performing services as set forth hereinabove. In consideration of the Consultant's services, the Client agrees to pay a retainer fee in advance (the "Retainer"). The Retainer will be applied towards the total fees owed for services rendered under this Agreement. The initial payment of the Retainer is due upon execution of this Agreement. After that, prices for the Retainer will be made according to the following schedule: ________________________. (frequency) at _________________________. (amount).

  5. Cancellation: If the Client cancels this Agreement, any payments previously made for the Retainer will be forfeited and shall not be refunded. The Consultant shall have the right to retain all materials prepared for or delivered to the Client under this Agreement.

  6. Termination: This Agreement may be terminated by either party upon written notice to the other party, provided that all fees owing under this Agreement have been paid in full. Any termination of this Agreement shall be without prejudice to the rights of any party which may have hereunder accrued before such termination.

  7. Miscellaneous: This Agreement constitutes the entire understanding between the parties concerning the subject matter hereof and supersedes all prior written and oral agreements concerning such subject matter. This Agreement cannot be altered, modified or amended except in writing executed by the parties hereto. In any action brought to enforce this Agreement, the prevailing party shall receive its costs incurred, including a reasonable attorney's fee from the non-prevailing party.

In Witness Whereof, the parties have caused this Agreement to be executed as of /s/_____________________________________.

Client

Signed: _____________________________________.
Name: _____________________________________.
Date: _____________________________________.

Consultant

Signed: _____________________________________.
Name: _____________________________________.
Date: _____________________________________.