A retainer agreement template is an archive where the employee must be paid the salary or the funds before the duties are even assigned to him/her. This agreement is usually issued between a client and a lawyer who is handling his/her case. The retainer agreement clarifies what the employee, in this case a lawyer, would do and would not do for the client. According to the retainer agreement, the employee is paid in advance and the work tasks are defined later according to the situation and demand for the work. Generally, while handling legal cases, lawyers are not sure about the work strategies they are going to employ in the case. Therefore, the retainer agreement is signed and their fee is paid in advance and later the lawyers have to decide how to achieve the goal by settling the case.
Importance of Retainer Agreement
A retainer agreement template incorporates the title that states what exactly the agreement is about. It also contains the date on which the agreement is being issued and signed by both the parties. Alongside that, a retainer agreement format also incorporates the terms and conditions proposed by both the parties upon which the other party agreed. If the payment has been made to the employer, the exact amount paid along with a statement verifying that the amount has been received is also added as part of the retainer agreement. In the end, the retainer agreement is signed by the client and the lawyer after carefully reading the terms and conditions. If any amendments are needed to be made to the agreement, the other party must be informed about it.