According to this agreement, client agrees to pay a retainer fee for legal services. The client and attorney agree that no attorney/client relationship will exist until the law firm has received the retainer fee from the client.
Puerto Rico Legal Services Agreement - Retainer
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FAQ
Under a typical retainer agreement, the client pays the agency a fixed fee for a specified period of time, usually on a monthly or quarterly basis. In exchange, the agency agrees to provide the client with a certain minimum level of service each month.
Turn retainers into credits on invoices Enter the retainer Amount as a negative to subtract it from the invoice. You cannot enter a retainer amount greater than the invoice total. An invoice can have a zero total, but not a negative one.
In a definitive sense, a retainer is a fee that is paid in advance in order to hold services (ie. a wedding or event date). While a deposit may also reserve a date, it is returned when the services have been completed. A retainer is by default non-refundable and is not returned.
A retainer fee is an amount of money paid upfront to secure the services of a consultant, freelancer, lawyer, or other professional. A retainer fee is most commonly paid to third parties that the payer has engaged to perform a specific action on their behalf.
The four types of retainer fees are true, nonrefundable chargeable, nonrefundable nonchargeable, and refundable. A true retainer is used to ensure an attorney's availability. A nonrefundable chargeable retainer is applied to the costs of an attorney's services but is not refundable if it is not used.
In the example above, the retainer is considered unearned until the court case is closed and finalized. These unearned fees do not belong to the person performing the tasks?in this case, the lawyer?until work begins. Any unearned retainer fees that are not used can be returned to the client.
Retainer fees cover future expenses for some duration before paying the final invoice because clients provide funds upfront. Like any contract clause, a retainer fee clause can protect you from not getting paid. Contracts spell out the obligations of the parties so there are clear expectations.
What should be included in a retainer agreement? Parties. The first part of the agreement should simply state which parties are involved. ... Services. Next up, list out the services that are included in this agreement. ... Term. ... Retainer fee. ... Scope of work. ... Client responsibilities. ... Confidentiality. ... Termination.
