Contracts: Using 'Retainer Fee' vs. 'Deposit'

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Re: Contracts: Using 'Retainer Fee' vs. 'Deposit'

Postby Jem-star » Fri Oct 29, 2004 10:34 am

Pardon my ignorance.

Anyway...

So...yeah...I would definitely use the term "Retainer Fee" or "Booking Fee" over the term "Deposit".

Thank you & good night.
Last edited by Jem-star on Fri Oct 29, 2004 10:36 am, edited 1 time in total.
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Re: Contracts: Using 'Retainer Fee' vs. 'Deposit'

Postby Dave Miller » Fri Oct 29, 2004 10:35 am

As long as this thread has gone so far off topic, I thought I'd throw a comment in here.

What does it say about the Odd Fellows if their emblem features two women?
Or are those 'women' really, really odd fellows? :shock:

---

But to get back on topic, I've changed my contract to say "retainer".

If you're interested, here's three paragraphs from my contract that have always been in there that have dealt with this issue.

8. The buyer understands that upon confirming this contract, the seller commits to this buyer on the day and time specified. Therefore, in the event that the buyer should for any reason cancel this contract, the buyer shall be responsible for making payment of the full contracted price. In the event that the buyer should for any reason fail to make payment of the full contracted price, the seller will be required to refer this matter to a third party for collection. The buyer agrees to be responsible for the costs incurred by the seller for the collection of the purchase price, including, but not limited to: Attorney’s fees, Collection Agency’s fees, Bank’s fees and Court costs.

9. If a cancellation occurs and the seller is able to find and confirm a new buyer for the date specified, the cancellation fee will be only the retainer paid. In such an event, the full retainer amount will be credited towards a rescheduled date for this same buyer.

10. The buyer must return a signed copy of this contract, with the retainer indicated, in such a manner that it be received by the seller as soon as possible to guarantee availability on the requested date. The buyer must receive a confirmation of seller’s receipt of the signed contract to protect the buyer’s rights under this contract.
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Postby Michigan DJ » Tue Nov 23, 2004 5:29 am

I switched from Deposit to retainer.

I had one groom to be ask me if he could geet the money back if "something happened"

I said "As long as I can reschedule that date...I'll give you your money back. But I'm not going to give you your money back because you find someone cheaper!"

he said "Kool"

:D
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Re: Contracts: Using 'Retainer Fee' vs. 'Deposit'

Postby PandaDJs » Wed Dec 29, 2004 8:25 pm

Panda DJs prefers the term 'Booking Fee' or 'Non Refundable Booking Fee'.

The term "Booking" implies securing date, equipment & talent ... which denies the date, equipment & talent to any other party.

By turning business away ... you have earned the "booking fee", regardless of any other calls, emails, mailings, etc. you've done to prepare for the scheduled booking.

"Booking" also is common term in the entertainment industry whereas "retainer" is not ... 'retainer' is a LEGAL term for Lawyer, which it where it is most commonly known.

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Postby JR » Wed Dec 29, 2004 9:21 pm

Yup, and seeing as how the lawyers will be the litigators, I think I'd be more comfortable with a term they recognize.
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Re: Contracts: Using 'Retainer Fee' vs. 'Deposit'

Postby CJ Greiner » Wed Dec 29, 2004 9:55 pm

PandaDJs wrote:"Booking" also is common term in the entertainment industry whereas "retainer" is not ...


Well, that's not really true.
Perhaps you're thinking of Booking Agents that earn a Booking Fee?
(Kind of like us performers... who earn a performance fee?)
See how the terms can be confused? Not a good idea if you have to go to court and the client argues that since you're no longer booked for the date... that you don't deserve to keep the booking fee!

Remember: a retainer can be earned instantly by all of the things you do for the client -- not just booking the date or performing for their event. A retainer can refer to anything you do for the client including time & meeting costs, travel expenses, office expenses, etc.

Once you've provided those services then you've earned the retainer (thus: non-refundable) even if the date itself is canceled (no longer booked) and even if you don't have to perform for that client any more (no performance fee.)

:idea:

However -- you should check with your lawyer and see which term he recognizes as truly "non-refundable" in a court of law (where the contract will be tested.)

Whatever he says he can defend in court -- that's what you should use.

8)
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Re: Contracts: Using 'Retainer Fee' vs. 'Deposit'

Postby Tcat » Thu Aug 25, 2005 10:24 am

Hi CJ,

I basically use your # 6 and have been ever since I had a real tussle over a cancelled event, but you #13 is just what I knew was missing. I will adapt it soon, Thanks, TC,
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Postby CJ Greiner » Thu Aug 25, 2005 5:47 pm

Hi Tcat -- glad it was of some help to you!

Here's a more recent topic on "Booking Fee vs. Retainer Fee" that also might help:
Deposit vs. Retainer vs. Booking Fee!

:idea: 8)
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