Retainer help

[Ellisha]

I have a LO who will be going away for a couple of months so her family have issued notice to terminate her contract. However they want her space when they return. I want to charge a retainer as otherwise I will be missing out on her 3 days a week income 2 months, but I would like to have this LO back if possible. What do you think is a reasonable retainer to charge?

[BallyH]

I have a LO who will be going away for a couple of months so her family have issued notice to terminate her contract. However they want her space when they return. I want to charge a retainer as otherwise I will be missing out on her 3 days a week income 2 months, but I would like to have this LO back if possible. What do you think is a reasonable retainer to charge?

It is entirely up to you. Has mum gave any indication as to what she is prepared to pay if anything? It depends if you can survive without the money or you could try and get it all or come to a compromise with mum. Every cm has different monthly bills to pay so every answer could be different.

[Ellisha]

Oh I know, it's entirely up to me and my circumstances. If DH had his way I'd charge full price, but I want to be reasonable. Mum has said she is willing to pay a retainer but no amounts have been suggested yet. I just wondered what other CMs would do in this circumstance?

[Tealady]

I'm in a similar situation. The contract is only 10hrs a week though. We negotiated 1/2 fees.

[Kiddleywinks]

Half fees is pretty usual for a retainer, but ultimately it is up to whatever you feel is acceptable.
Just make sure that parent is made aware that if no retainer is paid there may not be a space available when they come back as you are well within your rights to fill that space

[Simona]

I have a LO who will be going away for a couple of months so her family have issued notice to terminate her contract. However they want her space when they return. I want to charge a retainer as otherwise I will be missing out on her 3 days a week income 2 months, but I would like to have this LO back if possible. What do you think is a reasonable retainer to charge?

Sorry to ask...does you contract not cover situations such as long term illness or prolonged absence for a child or any other reason such as a long holiday?
I have not seen this covered in 'off the shelf' contracts but it is something cms need to consider.
these situations can be addressed by stating what your setting would charge if the parents wish to retain the space during that time.

In your case the parent appears to be willing to retain the space ...so 1/2 retainer would be good....ask mum if this is suitable? she must realise it would be impossible for you to leave the space unfilled and lose such a lot of income.

While we are all different and this is appreciated by all....it is also important for parents to have clear guidelines of what your setting expects.
Good luck!

[Ellisha]

Sorry to ask...does you contract not cover situations such as long term illness or prolonged absence for a child or any other reason such as a long holiday?
I have not seen this covered in 'off the shelf' contracts but it is something cms need to consider.
these situations can be addressed by stating what your setting would charge if the parents wish to retain the space during that time.

In your case the parent appears to be willing to retain the space ...so 1/2 retainer would be good....ask mum if this is suitable? she must realise it would be impossible for you to leave the space unfilled and lose such a lot of income.

While we are all different and this is appreciated by all....it is also important for parents to have clear guidelines of what your setting expects.
Good luck!

Simona - I am using PACEY contracts and no mention of long term sickness or long holiday. As a new CM it's not something I have thought about but obviously will now. But charging a retainer to keep the space open must depend on the length of time taken off - I can't indefinitely afford to accept half fees (or whatever we decide), so I will have to think about how I deal with this going forward. Mum has issued notice to terminate the contract but has said she is wiling to pay some sort of retainer to make sure she has a space in future.

[Simona]

Simona - I am using PACEY contracts and no mention of long term sickness or long holiday. As a new CM it's not something I have thought about but obviously will now. But charging a retainer to keep the space open must depend on the length of time taken off - I can't indefinitely afford to accept half fees (or whatever we decide), so I will have to think about how I deal with this going forward. Mum has issued notice to terminate the contract but has said she is wiling to pay some sort of retainer to make sure she has a space in future.

Thank you for clarifying the point...I had a feeling you were using an off the shelf contract and I know those circumstances are not covered.
I have used them before and found that particular issue was not covered so added it to my own Terms and Conditions and covered short/long term absence and retainer payable.

Good luck...hope all goes well.

[moggy]

Personally, I would charge a 50% retainer but also sign new contracts for the new start date...Treat them like new clients: sign contracts and take a deposit to secure the place for Feb/Mar or whenever it is. You could find yourself losing out otherwise, if they keep delaying their return or finally decide not to return at all, when you could have filled the place already.