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A consulting agreement with a retainer involves an upfront payment from a client to a consultant in exchange for consulting services. This arrangement reserves the consultant for a specified minimum number of hours, ensuring their availability regardless of the actual usage. Consultants often opt for retainer fees to cover initial costs and secure payment for their early efforts, especially if the business relationship does not proceed as planned. The key components of a retainer agreement typically include a minimum deposit or a prearranged number of required hours. Understanding how to create such an agreement and access free templates can be beneficial for both consultants and clients.
