A retainer agreement is a legal contract that outlines the scope of work and fees for a professional service. It’s commonly used by attorneys and photographers. Both parties should initial and sign two copies, and any revisions should be approved by both parties. It’s important to fully understand the agreement before signing and seek legal advice if necessary.
A retainer agreement is a legal contract that stipulates that a person or business entity will hire a professional to provide a particular service. It usually details the scope of work to be performed and the fees that will be charged. For example, attorneys often ask their clients to sign a support agreement before starting work on a case. A down payment, or deposit, is often required, as well as a contract executed before the professional begins work for his client.
Many different types of professionals use retainer agreements to secure their services. For example, a photographer may enter into this type of contract to ensure her availability for a future event, such as a wedding. Not only does it guarantee the professional’s promise to work on the event on the date it’s needed, but it also outlines the fee structure in most cases. Some people use this form instead of a service agreement. In these cases, however, the documents will likely be more complete than other contracts of this type.
It is usually customary to print two copies of a final retention agreement. Each individual typically initials the bottom of each page and signs the last to confirm that all provisions have been understood. When two copies are signed, both parties then have an original version of the contract.
If something is written in the contract that deserves revision, it should be changed before signing. However, once a retention agreement has been printed, it is not always necessary to reprint the document if a small change needs to be made. Many times, a handwritten correction can be noted on the page or within the margin, as long as both individuals initial it. This means that both people approve of the adjustment. A maintenance contract therefore serves as proof of the business relationship and helps to avoid misunderstandings.
It is very important that you read all the information contained in a retention agreement. Signing the document without fully understanding its contents can lead to big problems later. It often contains legal jargon that is not usually part of the average person’s everyday vocabulary. In some cases, it may be wise to seek the advice of an attorney and allow them to read through a complicated retention agreement. If, on the other hand, the contract is intended for the purpose of obtaining legal services, the interested party can simply ask for more detailed explanations on its content.
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