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What is the difference between a retainer and a deposit?

April 26, 2017deposit retainer

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What is the difference between a retainer and a deposit?

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In the legal arena, a deposit is usually refundable, a retainer is non-refundable and “retains” services on a specific date. A retainer is still applied to the total price in the same manner that a deposit would be and reduces the balance due accordingly.