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The document is an addendum to a retainer agreement acknowledging the undersigned's outstanding balance and inability to pay it in full. It confirms the accuracy of billing statements and the necessity of services rendered, while outlining a new payment plan. The document emphasizes that it is a legally binding contract and any amendments must be in writing.

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What is a professional retainer fee?

A retainer fee is an agreed-upon sum paid upfront to secure the services of a professional, typically a consultant, freelancer, lawyer, or advisor. This fee acts as a financial engagement between a client and a service provider, where the client pays in advance to retain the future services of the provider.

How much should I charge for a monthly retainer?

Plan for the Future Pay Monthly and receive a new set of retainers in 6 or 12 months time.

What is the purpose of a retainer agreement?

How Much Should a Retainer Fee Be? It depends on the industry of the professional youre retaining the services of and their compensation expectations. Generally, it should be close to the professionals hourly rate multiplied by the hours they expect to work.

How do you structure a retainer fee?

There are several ways to structure the fees you charge to have you on retainer for services: A lump fee up front, perhaps for a full year of work. A single, monthly payment. A fee plus clearly defined additional fees for additional work.

What is a reasonable retainer fee?

Lawyers typically charge retainer fees ranging from $1,000 to $5,000, depending on their experience, location, and case complexity. For more complex cases, retainers can exceed $10,000.

What is a monthly retainer in a contract?

A monthly retainer fee is paid in advance by your clients to ensure that your services will be available to them for the period covered. Clients on a monthly retainer usually pay a recurring fee, and they usually work on long-term projects with different agencies, who are available at their beck and call.

How to bill for a retainer fee?

What should be included on a retainer invoice? Vendor contact details. Customer contact details. Invoice date and number. Description of services provided. Quantity of goods or hours worked. Total balance due. Due date for payment. Tax (if applicable)

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