Contracts, contracts, contracts. We all have signed at least a dozen contracts before we get married. As your planning your wedding, get ready to sign a dozen more. Ok, maybe not that many, but you will be signing a decent amount of contracts. The purpose of today’s post is to help you navigate these contracts. Specifically: retainers vs deposits.
A retainer or a deposit is an amount of money you pay up-front when you sign your contract to “lock-in” your contract. You are most often going to pay a retainer or deposit on venues, photography, and catering, though you may with other vendors as well.
That is how they are the same, but now lets talk about the important part: How they are different.
Wedding Contract Retainers:
A retainer is non-refundable. If you cancel the contract with the vendor, you forfeit the retainer. The vendor can legally keep that portion that you have already paid them.
Wedding Contract Deposits:
A deposit can be refundable. If you cancel the contract with the vendor, they have to return this money to you. (Please note there may be other sections of the contract that have limitations to when a deposit will and will not be returned.)
So, what do I require?
I require a retainer. The reason I require a retainer is because I start working for you before the wedding day. Each of my packages comes with an engagement session. I also build a client portal for each of my couples once they book with me. Because of this, I need to be compensated for my time and work that is done at the beginning of the contract even if something happens and the contract is canceled.
Short and sweet. Retainers and Deposits aren’t too complicated, but it is important to know the difference.
Disclaimer: I am not a contract lawyer and this is not legal advise. It is just me trying to help a friend (you). 🙂
