Retainer Agreement

A retainer agreement is a contract between a client and a professional service provider, such as an accountant or lawyer, outlining the terms of the services to be provided and the compensation for those services. Learn more about what is usually included in a Retainer Agreement here. With Bookipi’s eSign, send any document for online signatures on mobile or web app. Try it out!

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*Information provided on this page are for informational purposes only and do not constitute legal advice. While Bookipi strive to ensure accuracy, we make no guarantees regarding the suitability or completeness of this resource. If unsure, it is recommended to consult with a qualified legal professional before creating a template on your own.

How to create a Retainer Agreement

Creating a retainer agreement is essential for any accounting or legal professional to establish a clear understanding of the scope of work and payment terms with their clients. Follow these three simple steps to create a solid retainer agreement:

Define The Work:

Specify the services to be provided in detail. For an accountant, this might include bookkeeping, tax preparation, financial planning, etc. For a lawyer, it could include legal advice, document preparation, court representation, etc. This ensures everyone is on the same page.

Set Payment Terms:

Be transparent about payment terms, including the retainer fee amount, payment schedule, and any additional costs that may be incurred outside of what was stated in the agreement. Relevant parties should agree on these terms upfront to prevent misunderstandings later.

Add Legal Protection:

Including legal protections in the retainer agreement is important to safeguard both parties. This could include clauses related to confidentiality, dispute resolution, and termination of the agreement. It’s always a good idea to have a lawyer review the agreement to ensure it complies with all legal requirements.

Following these steps helps you create a clear and professional agreement with your client, setting expectations for both sides. This lays the groundwork for a successful and mutually beneficial relationship ahead.

What is a Retainer Agreement

A retainer agreement is like a deal between a client and a professional, such as an accountant. It lays out what services will be provided and how much the client will pay for them. Usually, the client pays a set fee upfront for the provider’s ongoing availability and assistance. These agreements are common in accounting and legal counsel where the client may require unplanned or unexpected support from the provider. They help both parties know what to expect and their roles in this agreement.

Frequently Asked Questions (FAQs) on Retainer Agreement

A retainer agreement is a contract between a client and a firm or private practitioner. It outlines the services to be provided, the provider’s availability and any fees that come along with it. Clients pay an upfront retainer fee, which covers the cost of services.

Retainer agreements provide clients with the assurance that their accounting or legal counsel needs will be met in a timely and professional manner. By paying a retainer fee upfront, clients can secure the services of the private practitioner, and in turn, the provider guarantees their availability when required. 

The services covered in a retainer agreement can vary depending on the specific needs of the client and the service performed by the provider. Some common accounting services include tax preparation, financial statement preparation, bookkeeping, and consultation services. For a lawyer, it could include legal advice, document preparation and court representation. The agreement will outline the scope of services to be provided and any limitations on what is covered.

Fees are based on the client’s needs and financial situation. They’re usually calculated hourly or as a flat fee for a set period. The agreement should clearly state the fee structure and any extra charges.

If the client’s needs change during the retainer agreement, the accounting firm and client can amend the agreement to reflect the new scope of services. This may involve adjusting the retainer fee or adding additional services to the agreement. It is important for both parties to communicate openly and regularly to ensure the agreement continues to meet the client’s needs.

By using eSign for retainer agreements, you ensure that all parties will have a copy of the document (and subsequent copies) and as a digital backup that can be retrieved anytime. Try eSign out for free!