Definitions
- Referring to a fee paid in advance to secure the services of a professional, such as a lawyer or consultant. - Describing a device used to hold teeth in place after orthodontic treatment. - Talking about a person who is employed to provide ongoing services to a company or individual.
- Referring to a sum of money paid in advance to secure a purchase or rental agreement. - Describing the act of placing money into a bank account. - Talking about the accumulation of sediment or other material in a natural process.
List of Similarities
- 1Both involve the transfer of money.
- 2Both are paid in advance.
- 3Both are used to secure an agreement or service.
- 4Both can be refunded under certain conditions.
- 5Both are common in business transactions.
What is the difference?
- 1Purpose: Retainer is paid to secure the services of a professional while deposit is paid to secure a purchase or rental agreement.
- 2Refundability: Retainer may or may not be refundable depending on the terms of the agreement, while deposit is often refundable under certain conditions.
- 3Amount: Retainer is typically a larger sum of money than deposit.
- 4Frequency: Retainer is a one-time payment while deposit may be paid multiple times over the course of a rental agreement or business transaction.
- 5Usage: Retainer is primarily used in the context of professional services while deposit is used in a variety of contexts, including banking, real estate, and retail.
Remember this!
Retainer and deposit are both payments made in advance to secure an agreement or service. However, the difference between retainer and deposit is their purpose and refundability. A retainer is paid to secure the services of a professional and may or may not be refundable depending on the terms of the agreement. A deposit is paid to secure a purchase or rental agreement and is often refundable under certain conditions.
