A retainer fee contract is a legal agreement between a client and a service provider that outlines the terms and conditions of an ongoing relationship. This type of contract is commonly used by freelancers, lawyers, and other professionals to ensure regular payment for their services.
Retainer fee contracts are beneficial for both the client and the service provider. The client benefits from having a dedicated resource who can provide ongoing support, while the service provider benefits from having a steady stream of income.
If you are a service provider who is considering using a retainer fee contract, it`s important to make sure that your contract includes all of the necessary elements. Here is a sample retainer fee contract that you can use as a starting point:
Overview
This retainer fee contract (“Contract”) is made and entered into on [Date] (“Effective Date”) by and between [Client Name] (“Client”) and [Service Provider Name] (“Service Provider”).
Scope of Services
Service Provider agrees to provide the following services to Client:
[Insert services]
Retainer Fee
Client agrees to pay Service Provider a retainer fee of [Insert fee amount] per [Month/Quarter/Year] (“Retainer Fee”) for the duration of this Contract.
Payment Terms
Client agrees to pay the Retainer Fee on the [Day] of each [Month/Quarter/Year]. Payments may be made by [Insert payment method].
Termination
Either party may terminate this Contract upon written notice to the other party. If Client terminates this Contract, Service Provider shall be entitled to retain any fees paid up to the date of termination.
Confidentiality
Service Provider agrees to maintain the confidentiality of all information provided by Client and to use such information only for the purpose of providing services under this Contract.
Intellectual Property
Any intellectual property created by Service Provider in the course of providing services under this Contract shall be the sole property of Client.
Limitation of Liability
In no event shall Service Provider be liable for any indirect, consequential, or incidental damages arising from the provision of services under this Contract.
Governing Law
This Contract shall be governed by and construed in accordance with the laws of [State/Province/Country].
Entire Agreement
This Contract represents the entire agreement between the parties and supersedes all prior negotiations, understandings, and agreements.
If you decide to use a sample retainer fee contract as a starting point, be sure to customize it to fit the specific needs of your business and your client. Additionally, it`s always a good idea to have a qualified attorney review your contract before you begin using it.