What is an Retainer Agreement?
A retainer agreement is a contract you make with a professional to have them work for you for a specified period. Usually, you hire such professionals on a need-to-need basis. However, you can opt to retain them for a specific project or longer if you do not want to risk them being too busy when you need them.
You can use a retainer agreement to hire consultants, lawyers, and IT specialists, among others. Companies hire lawyers on retainer to provide ongoing legal advice. It is typically more convenient to enter into a retainer agreement with professionals whose services you anticipate needing rather than trying to find one every time.
The contract you sign should outline the duration of the relationship, the payment amount, whether they can concurrently work for other parties, and other relevant terms. Once signed, it becomes legally binding, and breaches can result in the consequences outlined in the contract.
Using a retainer agreement presents many advantages, including the predictability of cost, priority access to the professional when needed, and the ability to work with someone who understands your business well.
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What's Included in This Template
- Complete retainer agreement template
- Scope of services section
- Monthly retainer fee structure
- Reimbursable expenses guidelines
- Termination and notice clauses
- Confidentiality obligations
- Dispute resolution procedures
- Signature execution blocks
Article written by
Senior Writer | Experienced Paralegal | 79 Articles
Dena Standley is an experienced paralegal based in Houston, Texas and has over a decade of experience working as a paralegal with trial lawyers and law firms. She is passionate about making legal processes more accessible and helping people understand and navigate complex legal matters with confidence.
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