Add Initials Retainer Agreement Template For Free

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.

What Is a Retainer Model? A retainer model refers to an agreement between an agency and a company for a specified amount of time (usually 18 months) where a company pays a fixed rate every month to the agency for a certain amount of work carried out.

A retainer target can be set in hours or $, depending on what makes more sense in your case. If the client pays you in advance, a fixed price monetary target can be your go-to. However, if you have a fixed number of hours to spend for each client every period, then tracking time would be a more natural outcome.

It can set the tone for all future interactions. Negotiate the terms of your retainer work with your client. Decide exactly what services you will provide. ... Develop a timeline, including deadlines for you and your client. ... Draft the retainer agreement. ... Meet with your client to review and sign the final agreement.

Retainer-Based Pricing Time-Based Retainer: A time-based retainer will be when a client agrees to purchase a specific amount of time per month. As an example, if a client decides to purchase 20 hours per month at an hourly rate of $40, your monthly fee charged would be $800.

Example of a Retainer Fee 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.

A monthly retainer occurs when a client pays an advance payment to access your current and future services for a specified period of time. It's similar to working on a contractual basis, with the payment covering the number of hours you work for the client each month.