A freelance retainer agreement is a contract that shows you have been hired to do some work. It falls right in the middle of full-time employment and a one-off contract. The distinguishing feature of the agreement is that a client pays in advance for work that the freelancer will do later. It sort of books you and ensures you don't pick other work while waiting for the client to specify what he wants you to do. It's a show of commitment on the part of the client showing that he's willing to pay upfront to book your excellent services.
The right content
According to The Law Society of Upper Canada, it's the client's responsibility to execute the retainer agreement. The society goes ahead to state that the agreement confirms essential terms for engaging a freelancer. The actual content on the agreement varies depending on what the client wants and the scope of work he wants done. A retainer agreement is only enforceable if it contains all the basic features. For example, it must have details on the scope of services the client expects from the freelancer.
Information on fees and disbursements
The freelance retainer agreement must have information on the fees and disbursements the freelancer charges and the client expects to be paying moving forward. The effectiveness of the agreement depends on the level of communication between the client and freelancer. The agreement must state how these two parties will communicate. Furthermore, a well prepared agreement indicates the method any of the concerned parties is free to use in case there is a need to withdraw or cancel the project.
The retainer agreements are great because they eliminate the likelihood of surprises. The agreement develops the relationship between a freelancer and a client. According to Fox Business, building a relationship with clients is a good business practice. After all, customers are the lifeline of any business, thus it's imperative that you focus everything you have on building and enhancing strong relationships with them. This is what you can achieve with the freelance retainer agreement.
Gives you resources
Lastly, the freelance retainer agreement ensures that you have all the resources needed to work on the client's project. A client who prepares and signs a retainer agreement with a freelancer is guaranteed professional and reliable services when he needs it. According to London Law Practice, retaining the services of a freelancer is more affordable than going all out to hire an in-house team. Therefore, you should take advantage of the freelance retainer agreement to propel your freelancing career to the next level.