A general retainer agreement is a contract between a client and a service provider that specifies the terms of their ongoing professional relationship. It is a common contract in many industries, including legal, consulting, and marketing. In this article, we will provide a general retainer agreement sample and explain its key components.
Purpose of a General Retainer Agreement
A general retainer agreement is a contract that establishes an ongoing relationship between a service provider and a client. It establishes the scope of services, the timeline for delivery, and the payment terms. It also outlines the client`s obligations and expectations for the service provider.
Key Components of a General Retainer Agreement
1. Scope of Services
The scope of services section outlines the specific services that the service provider will provide to the client. It should be detailed and specific to avoid any misunderstandings or confusion.
2. Payment Terms
The payment terms section specifies how much the client will pay for the services and when the payment is due. It should also include any penalties for late payment or non-payment.
3. Termination Clause
The termination clause outlines the circumstances under which either party can terminate the agreement. It should be clear and specific to avoid any legal disputes.
4. Confidentiality Clause
The confidentiality clause ensures that any sensitive information shared between the service provider and the client will be kept confidential. It should also specify any exceptions to the confidentiality rule.
5. Intellectual Property Clause
The intellectual property clause outlines who owns any intellectual property created during the course of the contract. It should be clear and specific to avoid any disputes over ownership.
General Retainer Agreement Sample
[City, State ZIP Code]
[City, State ZIP Code]
This General Retainer Agreement (« Agreement ») is entered into between [Service Provider] and [Client] (collectively, the « Parties ») on the date of acceptance by [Client].
Scope of Services:
[Service Provider] agrees to provide the following services to [Client]:
[Insert Details of Services]
[Client] agrees to pay [Service Provider] for the services provided based on the following terms:
[Insert Details of Payment Terms]
Either party may terminate this Agreement upon written notice to the other party under the following circumstances:
[Insert Details of Termination Clause]
[Service Provider] agrees to maintain the confidentiality of any sensitive information shared by [Client]. Exceptions to this rule include the following:
[Insert Details of Confidentiality Clause]
[Service Provider] agrees that any intellectual property developed during the course of this Agreement will be the property of [Client] unless otherwise agreed in writing.
By accepting this Agreement, the Parties agree to the terms and conditions outlined herein. This Agreement will remain in effect until terminated by either party in accordance with the terms outlined in this Agreement.
In conclusion, a general retainer agreement is an essential contract for any ongoing professional relationship. It establishes the terms of the agreement, including the scope of services, payment terms, and confidentiality rules. The sample agreement provided above can serve as a template for drafting your own retainer agreement. By taking the time to create a clear and detailed agreement, you can avoid any legal disputes down the road.