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A consulting agreement with a retainer requires an upfront payment from a client in exchange for services from a consultant. A retainer reserves the consultant for a minimum number of hours and ensures their availability. Consultants may opt for a retainer to cover upfront costs and guarantee payment, especially if the relationship ends prematurely. The specifics of a retainer agreement typically include a minimum deposit and a predetermined number of hours required. Retainers vary based on the type of work and the consultant's preferences. Understanding these elements is crucial for establishing a successful consulting relationship.