A retainer fee is an upfront payment made to a professional service provider in order to secure their services for a specific period of time or project. The fee is typically paid in advance and is used to establish a commitment between the client and the service provider. Retainer fees are commonly used in industries such as law, consulting, and freelancing, and may vary in amount depending on the nature and duration of the services being provided. The fee may be a fixed amount or based on an agreed-upon hourly rate or percentage of the total project cost. The retainer fee is often credited towards the client's future payments for the services rendered.
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