Professionally drafted Retainer Agreement for ongoing business engagements
A Retainer Agreement is a binding contract between a client and a professional or service provider that provides for regular service for a set, periodic fee. Establishes the boundaries of services, fees, timing, obligations, privacy, limitations, and termination.
A well-crafted Business Retainer Agreement helps to eliminate confusion and establish a professional relationship.
Businesses, Consultants & Agencies: Retainer Agreement Drafting
Professional Services can be used by businesses, consultants, agencies, lawyers, IT providers, advisors and professionals who provide services. It creates a continuous model making process.
A Monthly Retainer Agreement can outline the services, working hours, billing cycle, response time, payment terms and extra fees.
When Should you use a Retainer Agreement?
Use Ongoing Services Agreement when a client needs ongoing service, not one-time service.
A Retainer Services Contract may also specify what happens with unused hours and how work outside of the scope of the contract will be treated.
Certain terms and conditions are included in a retainer agreement
The commercial and operational terms of the engagement should be discussed in a Client Retainer Contract. Clauses may include:
- a) Scope of services and deliverables
- b) The amount of the retainer fee and when it is to be paid.
- c) Determine your service limits and response times.
- d) Identify service limits and response times.
- e) Work and charges that are not required by the GPA.
- f) Work and charges not required by GPA.
- g) Conducting research with respect to confidentiality and IP
- h) The roles of both parties;
- i) The terms, renewal and termination requirements
- j) Dispute resolution
Scope of ongoing services & Monthly retainer fees
A Recurring Services Agreement should define the services included in the retainer, for example, consultation, assignments, meetings, deliverables or support. Should detail the retainer fee, payment cycle, bill due date, taxes and additional fees.
Service Limits, Response Times & Additional Work
A professional drafted Retainer Engagement Agreement must clarify the scope of hours, assignments, consultations, revision, and/or support requests that are included in the retainer.
The agreement may also allow for an hourly rate, fixed fee, approval process, or other method of charging for additional work. This will prevent any claims for unanticipated bills.
What sets Legal Draft House apart in drafting retainer agreements?
Legal Draft House offers you Retainer Agreement Drafting Services according to the arrangement of client and service provider. It can contain information on regular services, payment obligations, service limits, extra services, confidentiality, termination, and rights of both parties.