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The retainer fee ensures that the hired service provider reserves time for the client in the future when there is a need for their services. Unlike a one-time contract, a retainer agreement is a long-term work-for-hire contract and thus can retain ongoing services.
Retainer agreements should:Always be in writing.Contain a statement that the firm has conducted a search for conflicts of interest and either (1) there are no conflicts, or (2) appropriate parties, including the client, have been advised of potential conflicts and waived them.Define the scope of the engagement.More items...
How to Write a Retainer AgreementStep 1 Acquire Your Copy Of The Retainer Template From This Page.Step 2 Introduce This Retainer, The Service Provider, And The Client.Step 3 Define When Service Must Begin And When It Must Terminate.Step 4 Document The Pay Rate Or Manner Of Compensation.More items...
How to Sell Your Clients on a Monthly RetainerGet your foot in the door first. As with any new relationship, you don't want to move too fast with a new client before you get to know each other.Sell value, not hourly.Keep your contracts clear and tight.Prove why you're worth it.Report on progress.27-Feb-2018
Make sure all the following details make it into your retainer contract: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.More items...