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Help with a piece of Business English

 
 
lodp
 
Reply Sun 1 Feb, 2009 03:46 pm
Hi!

This isn't strictly a language question, but I can't think of another place to find out the meaning of this term: "retainer".

The thing is, English isn't my native language, and I ran into this phrase in an E-Mail:

Quote:

Our Fees are $200/hour with a $2,000 retainer.


Does that mean a minimum of $2000? Or that payment is expected up-front (or the exact opposite)?

Thank you so much!
 
invisable bassist
 
  4  
Reply Sun 1 Feb, 2009 04:36 pm
@lodp,
Definitions of retainer (in this case):

a fee charged in advance to retain the services of someone

money paid by the client to the lawyer to obtain a commitment from the lawyer to handle the client’s case. A retainer is a deposit against which the lawyer’s fees are charged as they are earned. Some retainers are refundable and some are not. You will need to check with your lawyer.

A pay me nt made to an attorney to secure his or her services. The retainer is placed in a trust account and, as the attorney works, the charges are deducted from the retainer until the money is used up.

So i'd guess that you'd have to pay $2000 first as a deposit and the $200 more each hour on top of the $2000.

I hope that helps Smile
Merry Andrew
 
  1  
Reply Sun 1 Feb, 2009 04:51 pm
The "retainer" is the money you pay up front to retain the services (or goods) being purchased. As has already been suggested, it's a good idea to find out first whether any part of this retainer will be refundable in the event that the purchase total comes to less than the retainer covers.
0 Replies
 
lodp
 
  1  
Reply Sun 1 Feb, 2009 07:15 pm
@invisable bassist,
Thank you for this precise definition, you helped me a lot.
0 Replies
 
JTT
 
  1  
Reply Sun 1 Feb, 2009 11:22 pm
That must be an awfully cheap lawyer or a pretty expensive plumber.
cicerone imposter
 
  1  
Reply Sun 15 Feb, 2009 11:04 pm
@JTT,
And you heard that joke about the doctor who became a plumber?
0 Replies
 
MontereyJack
 
  1  
Reply Sun 15 Feb, 2009 11:08 pm
No, but I remember eating breakfast at some sort of upscale diner in NYC and sitting next to one of those women who talk much too louly on her cell, wrangling with a hospital about an immediate appointment because she was having problems with her pipes. For tenn minutes we all heard every itimate detail of her pipes. Kinda took a little bit off the bagel.

So waht about the doc?
0 Replies
 
 

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