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A consulting agreement with a retainer involves an upfront payment from a client to a consultant for their services. This arrangement ensures that the consultant is available for a set number of hours, benefiting both parties. The retainer serves to cover the consultant's initial costs and provides financial security if the consulting relationship does not proceed as planned. Not all consultants charge a retainer; it often depends on the type of work and personal preference. Key components of a retainer agreement typically include a minimum deposit and a predetermined number of hours required for consulting services.
