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A consulting agreement with a retainer involves an upfront payment from a client to secure a consultant's services. The retainer acts as a reservation, ensuring the consultant is available for a minimum number of hours, regardless of the actual work done. Whether a consultant chooses to implement a retainer depends on their work type and personal preference. Retainers are beneficial for consultants to cover initial costs and ensure payment for early efforts if the relationship does not continue. The agreement typically involves a minimum deposit or predetermined hours of service. Understanding how to create this agreement is essential for both parties.
