Re: Retainers for Services

This is like asking "what is the proper pigment in paint for doing a sunset?" Writing a good contract is a creative exercise to be done by someone with the appropriate skills and experience. The proper verbiage is whatever properly expresses the intent of the parties who have negotiated the contract, just as the proper color for completing the sunset painting is whatever properly expresses the intent of the painter. No more precise answer is possible.

Re: Retainers for Services

This depends entirely on your particular circumstances and facts. It should be well written to express the intent of the parties entering the contract.

With that said an example follows only for reference. Please do not use it specifically for your case and I advise you to consult an attorney to write your particular contract. There are all sorts of legal issues besides retainers that should be addressed in a well written contract. A few hundred dollars today may save you hundreds of thousands of dollars in the future. (Remember this advice if you do not seek out an attorney to help you write your contract when you are sued multiple times over the years.)

Example only:

Client agrees to pay to _________ an initial deposit of $2,500.00. This sum shall be deposited into _________ to be used to pay costs advanced by _______ and professional fees as they are earned. Client hereby authorizes _______ to withdraw sums from the account to pay the Costs and/or Professional Fees Client incurs. Client agrees to maintain a minimum of $2,500.00 on deposit with _________ at all times that Project manager is performing services. Client will be billed for costs and services provided in order to permit Client to replenish the deposit. Any unused deposit - at the conclusion of the Project manager's services - will be refunded upon Client’s request or may be held in trust to be used as a deposit for other matters for which Project manager may provide services to Client.

If you would like a qualified contract attorney to help with your particular contract and circumstances then please contact me. Thank you for your question.