If you would like TimeSolv support for additional help in understanding the differences between a retainer invoice and a regular invoice, please call 1.800.715.1284 or arrange a free 30-minute session! Retainer invoices are documents that the company can make available to the client to request funds before the project starts. This is a method to secure usage services if necessary. In other words, it is a form of down payment or down payment. So why not just send a regular advance invoice with a “prepayment for Matter X”? Because it results in restrictions in working with the project. For one thing, you`ll end up receiving a free fixed deal instead of an hourly billing deal. Did you know that the retainer bill also serves as insurance? In a way, it offers you a bit of protection by guaranteeing your work and money regularly. A retainer invoice is only a responsibility if you do not complete the end of the operation. But if you are a professional in everything you do, then it will be a measure to ensure payment. As a freelancer, you might already have a freelance contract, but don`t overlook the example of the Retainer invoice. It is equally important and indispensable for rapid growth and profitability. There are several ways for a company to send a retainer invoice. Send retainer invoices by email, mail, fax or even print and deliver them by hand. You can even drain it into PDF if you have Apple products.
A retainer payment differs from a retracting tax in that it is a non-refundable deposit that is made as compensation for the work or services that the customer expects. An advance reserve is a guarantee of commitment. In some cases, especially for ongoing legal issues, a separate hourly rate may be levied in addition to the repairer`s payment terms. Either Party may then terminate such agreement by written notification thirty days in advance, which shall not take place until at least thirty days after the date of execution of this Agreement. Download the template for the retainer invoice and start adjusting your own invoices in a few minutes. This will not only save you your precious time, but also make you more organized and efficient.