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A consulting agreement with a retainer involves an upfront payment from a client to a consultant for services. This arrangement ensures the consultant's availability for a minimum number of hours and helps cover the consultant's initial business costs. The choice to charge a retainer depends on the consultant's work type and personal preferences. Retainer agreements typically include a minimum deposit or a specified number of hours required. Understanding the retainer's purpose and how to formulate the agreement is crucial for both parties, as it provides financial security and commitment from the consultant while guaranteeing client access to their services.