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Retainer invoice example for non-profit organizations

foreign [Music] if you're a business owner the odds are good that at some point you will be asked to pay a consultant or contractor through a retainer agreement retaining Agreements are often used for Consultants or Professional Services they're especially common in legal work but these days they're popping up in almost every field so it's important to understand them where e-forms the world's largest online database of fillable legal documents in this video we'll cover retainer agreements including how they work when retainer Agreements are used and what companies and contractors should look out for already know a retainer agreement is for you stick around to the end of this video for a link to get started on creating one that you can customize for your situation first we'll cover how retainer agreements work retainer Agreements are sometimes called retaining fees because they require the person being hired to retain some of their time for future work that will be needed by the client in this sense the client is paying for the person hired to set aside some of their time including the obligation to turn down other work if it would prevent them from doing what the client is seeking there are different kinds of retainer agreements but the most important distinction is between pay for work and pay for Access agreements in pay for work agreements the client is paying the contractor to perform specific work that will be delivered in the future for example a person planning to start a business might provide a retainer to an attorney to deliver a variety of services down the line like drawing up Articles of Incorporation and writing up operating agreements in a paper access agreement the client is paying the contractor for time that may or may not be needed for example a business owner launching a new product line might provide a retainer to a social media marketing consultant to make that person available on an as needed basis over the course of a six period month as you can tell from those two examples pay for work retainers are quite different from pay for Access and the differences reveal when retainer Agreements are typically used retainer Agreements are typically found in fields where the parties expect an ongoing relationship but they aren't certain how much time it will take or how long it will last they're most common in the legal world and some states require that they be used for certain kinds of representation they're often found in other professions too like accountants but retainer agreements aren't just for those with special degrees for example more than a third of all digital marketing agencies now use retainer agreements paperwork Agreements are common for those newer to an industry for contractors they can reduce the risk of not getting paid and provide some stability by allowing them to project Revenue in the future pay for Access agreements by contrast tend to be used by those with much more experience the time of these contractors is so valuable that they get paid to forego other work whether or not the client needs all of the time they've paid for in a given period with that in mind here are some things for both parties to watch out for in a retainer agreement is the agreement pay for work or pay for Access some jurisdictions use different terms for these concepts for example some may call them special and general retainers respectively no matter what they're called make sure the agreement spells out whether the contractor has to refund money if fewer services are needed than expected contingencies sometimes retainer agreements will specify that additional payments will be made only under certain conditions for example a marketing firm may require a retainer to begin working that include an increased rate if website traffic reaches a particular level privilege if the work involves a confidential relationship the agreement should specify whether competence is required throughout or only when specifically invoked by the client this is especially important for legal retainers whether you're a business thinking about Contracting Services or a freelancer looking for some stability retainer Agreements are becoming more common than ever click the Subscribe button to learn more about this and other business law topics foreign