Common use of Monthly Retainer Clause in Contracts

Monthly Retainer. In consideration for the services rendered pursuant to this Agreement and for the assignment of certain of Consultant’s right, title and interest pursuant hereto, during the Consulting Period, Client will pay Consultant a monthly retainer of $45,000 (the “Retainer”), to be paid within the first ten (10) days of each month, starting with the first month following the Effective Date of this Agreement. Consultant will submit invoices to the Client monthly, and the invoices shall contain at a minimum an accounting of activities performed and corresponding hours spent during the relevant period. Consultant will maintain, in accordance with generally-accepted accounting principles, complete and accurate records of the work performed sufficient to document the fees invoiced to Client for at least three (3) years following the date of the invoice, and will provide Client with such records at Client’s request.