A retainer agreement sample doc is a document that outlines the terms and conditions of a retainer agreement between a client and a service provider. In this article, we will explore the importance of a retainer agreement, what it should include, and offer a sample template to help you get started.
What is a Retainer Agreement?
A retainer agreement is a contract between a service provider and a client that outlines the services to be provided, the payment schedule, and the terms and conditions of the agreement. Generally, retainer agreements are used by service providers who offer ongoing services to their clients, such as attorneys, accountants, and marketing agencies.
Why is a Retainer Agreement Important?
A retainer agreement is important because it establishes the expectations of both the service provider and the client. It outlines the scope of the work that will be performed, the payment schedule, and any other important terms and conditions.
By having a retainer agreement in place, both parties are protected. The service provider knows exactly what services they will be providing and how they will be compensated, while the client knows exactly what they can expect from the service provider and what their financial obligations will be.
What Should be Included in a Retainer Agreement?
A retainer agreement should include the following:
1. The Scope of Services: This section should outline the specific services that will be provided by the service provider.
2. Payment Schedule: This section should outline the payment schedule for the services provided. It should include the amount of the retainer fee, how often it will be paid, and any additional fees that may be incurred.
3. Termination Clause: This section should outline the circumstances under which either party can terminate the agreement.
4. Confidentiality Clause: This section should outline the confidentiality agreement between the two parties.
5. Limitation of Liability: This section should outline the limitations of the service provider`s liability.
Sample Retainer Agreement Template
Below is a sample retainer agreement template that you can use as a starting point:
[Service Provider Name]
[Client Name]
Scope of Services:
[Insert description of the services that will be provided]
Payment Schedule:
[Insert details about the payment schedule, including the amount of the retainer fee, how often it will be paid, and any additional fees that may be incurred]
Termination Clause:
[Insert details about the circumstances under which either party can terminate the agreement]
Confidentiality Clause:
[Insert details about the confidentiality agreement between the two parties]
Limitation of Liability:
[Insert details about the limitations of the service provider`s liability]
Conclusion
Retainer agreements are an important aspect of any ongoing service provider-client relationship. By outlining the services to be provided, the payment schedule, and the terms and conditions of the agreement, both parties are protected. Use the above sample template as a starting point to create a retainer agreement that best suits your needs.