Retainer agreement template

Managing contracts efficiently is essential for any growing business. For legal, HR and commercial teams, streamlining the process is even more critical. This guide will walk you through the essentials of retainer agreements, what they should include and how Juro can simplify the management of these contracts.

What is a retainer agreement?

A retainer agreement is a contract where a client pays an upfront fee to a service provider for future services. This fee – known as a retainer – guarantees the provider’s availability and covers specific services outlined in the agreement. Unlike per-project contracts, retainer agreements commit the provider to the client for a predetermined period or scope of work.

The purpose of a retainer agreement

Retainer agreements primarily ensure that the service provider is compensated for reserving their time and resources. This type of contract benefits both parties. For the client, it ensures prioritized attention by guaranteeing them access to the provider’s services. For the service provider, it offers a predictable income stream and helps them to manage their workload and resources effectively. By setting clear expectations for services, payment terms and other conditions upfront, retainer agreements minimize misunderstandings further down the line.

Who manages retainer agreements?

Different teams typically manage retainer agreements. Legal teams may draft, review and approve agreements to ensure compliance and mitigate risks. HR teams may handle agreements related to employee benefits, external HR services and recruitment agencies. And commercial teams may manage agreements with vendors, consultants, marketing agencies and other service providers to ensure smooth business operations.

When are retainer agreements used?

Retainer agreements are common in various scenarios, including:

• Legal services: Law firms use them to secure payment for ongoing services and ensure availability.
• Consulting services: Consultants provide continuous support and advice, ensuring expert guidance as needed.
• Freelance services: Freelancers secure steady work and income, allowing better workload and financial planning.
• Marketing and PR services: Agencies guarantee availability for ongoing needs like campaign management and content creation.
• IT services: Managed service providers (MSPs) offer ongoing technical support and maintenance for clients' IT infrastructure.

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‍What should a retainer agreement template include?

To ensure clarity and mutual understanding between the client and service provider, a comprehensive retainer agreement template should include the following sections:

Parties involved – identifies the client and service provider, including their full legal names, contact information and business addresses.

Scope of services – provides a detailed description of the services covered by the retainer, including specific tasks, deliverables and any limitations or exclusions.

Retainer fee – specifies the fee amount, payment schedule and terms. Includes details on deposits, additional services billing and handling overdue payments.

Duration of the agreement – defines the start and end dates, renewal terms and notice period required for termination.

Termination clause – outlines the conditions for termination, penalties, refunds and notice periods.

Confidentiality clause – data protection and confidentiality standards to ensure the protection of sensitive information exchanged between the parties.

Dispute resolution – specifies how disputes will be resolved, jurisdiction and steps for initiating dispute resolution processes.

Governing law – indicates the jurisdiction’s laws that govern the agreement.

Responsibility for expenses – clarifies which party handles expenses like travel, materials or third-party services.

Reporting and communication – outlines the expected frequency and method of communication and reporting requirements.

Intellectual property rights – defines ownership and usage rights of any intellectual property created during the agreement term.

Indemnification – details indemnification obligations to cover claims, damages or losses.

Modification of the agreement – states the process for varying contract terms, requiring written consent from both parties.

The manual approach to managing retainer agreement templates

Managing retainer agreements manually involves several labour-intensive steps:

1. Drafting: Creating the initial draft, often using a standard template customized for specific clients.
2. Reviewing: Legal and relevant teams review the draft for compliance and accuracy, involving multiple revisions.
3. Editing: Making necessary revisions based on stakeholder feedback.
4. Approval: Securing approval from stakeholders, including legal, finance and senior management.
5. Signing: Obtaining signatures from both parties, physically or electronically, and storing copies securely.
6. Storing: Filing the agreement in a secure, accessible location, such as a document management system.
7. Tracking: Monitoring the agreement’s duration, renewal dates, and compliance, often through manual calendar entries and reminders.

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Manage retainer agreements from end-to-end in Juro

Juro’s AI-native contract management solution streamlines the creation, execution and management of retainer agreements, offering essential features for legal, HR and commercial teams.

Self-serve contract workflows

Juro empowers non-legal teams to generate, review, and approve retainer agreements confidently, and without continuous input from legal. By allowing HR managers, sales teams, and account managers to self-serve on standard, routine contracts directly from tools they’re most familiar with, like CRMs or HR systems. This speeds up the creation process and ensures consistency and compliance across all agreements.

Collaborative workflows

Retainer agreements often require input and approval from multiple stakeholders. Juro’s collaborative workspace allows all parties to work together seamlessly in real time. Stakeholders can comment, suggest changes and approve documents in one central location, reducing bottlenecks and accelerating the contract lifecycle.

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AI-powered contract drafting and negotiation

Legal and business teams can choose to use Juro’s legal AI assistant. As well as automating the contract review process, AI tools can identify potential issues, redraft clauses or suggest alternatives – ensuring compliance with relevant laws and regulations – and provide negotiation insights. This means faster, more informed decision-making and reduced legal risk.

Automated contract templates

Juro offers dynamic templates that can be easily customized for different types of retainer agreements. Whether for ongoing consultancy, IT support or marketing services, these templates ensure that all essential elements are included and tailored to specific needs, enhancing the efficiency and accuracy of the contract creation process.

Contract storage and dashboards

Juro provides a single, secure contract storage solution for all retainer agreements. It simplifies retrieval and auditing, so no contract falls between the cracks. Managing all agreements in one place makes it easier to handle renewals, track performance and ensure compliance.

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Automated reminders and alerts

To avoid missed deadlines and ensure timely renewals or terminations, Juro includes automated reminders and alerts. This feature helps stakeholders stay on top of their obligations, preventing lapses that could lead to service disruptions or financial penalties.

Contract analytics and reporting

Juro’s platform offers advanced analytics tools that deliver real-time insights into contract performance and risks. By reporting on contracts and their data, businesses can make well-informed decisions, spot trends and address potential issues proactively. These insights enable businesses to refine their contract management processes and make sure that retainer agreements consistently deliver value.

Juro’s AI-native contract automation platform empowers all teams to create, agree, execute and manage contracts up to 10x faster than traditional tools. To find out more, hit the button below to book your personalized demo.