Ohio Retainer Agreement
Description
How to fill out Retainer Agreement?
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FAQ
A retainer is a fee paid to a lawyer or law firm in advance of services being rendered, and the law firm should hold it in a trust account until the services are provided. It gets booked to the balance sheet as a prepaid expense (which is an asset).
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.
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.
A retainer basically means that a client pays in advance in exchange for ensuring your services covered in the scope of work template are available to them for an extended amount of time. A client can make recurring monthly payments, or pay a lump sum up front.
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.
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.
