Definition, Meaning & Synonyms

retainership

noun

/rɪˈteɪnərʃɪp/

Definition

A retainership is a formal arrangement between a client and a professional, such as a lawyer or consultant, whereby the professional is paid a fee to provide services as needed over a period of time.

Examples

He entered into a retainership with the law firm to have access to legal advice whenever necessary.
The retainership agreement ensured that the consultant was available for ongoing support throughout the project.

Meaning

It typically involves regular payments to ensure that the professional is available to provide assistance at a moment’s notice, rather than being paid per task or project.