Arkansas Retainer Agreement
Description
How to fill out Retainer Agreement?
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FAQ
This agreement should cover elements like the services you'll provide, how long the working relationship will last, fees, pricing, confidentiality, and more. This sounds like a lot, but it's important to create a comprehensive agreement that protects your agency should anything go wrong.
The basic structure of retainer agreements is the same though: Agency agrees to provide a service(s) or a number of hours their client needs each month. In turn, the client agrees to the retainer payment that they'd pay in exchange for the agency reserving its time/service for them.
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.
After you schedule and attend your initial consultation, in many cases, the attorney will present you with a retainer agreement. It's a legal contract ? like any other legal contract ? that describes, in detail, how the relationship will work.
A lawyer may charge a $500 retainer fee. If the lawyer charges $100 an hour, the retainer covers all services up to the five-hour limit. The lawyer then bills the client for the cost of any additional hours they invest on behalf of the client.
The essential parts of the agreement include: Scope and nature of the work. What is the attorney expected to do for the client? ... Retainer fee. The retainer fee is the amount charged to the client. ... Client expenses. The client typically pays for some expenses, especially filing-related expenses, and travel costs.
Now that you know the basics about monthly retainers, let's take a look at how to properly set up an agreement for retainer work. Determine the Scope of Work. ... Agree on Deliverables. ... Calculate the Monthly Retainer Fee. ... Decide on the Payment Terms. ... Create a Communication Plan. ... Determine the Contract Duration.
