What type of payment is referred to as a minimum amount paid in advance for expected work?

The payment described as a minimum amount paid in advance for expected work is known as a retainer. A retainer is commonly used in professional services, where a client pays a predetermined fee to ensure the availability of the service provider for future work or consultations. This arrangement provides the service provider with a form of security and compensation for being available, even if the client does not utilize the full extent of services during that period.

In contrast, perquisites typically refer to benefits or privileges granted to an employee or executive beyond their standard salary. A deposit is generally a sum of money placed as a guarantee, often related to securing a service or rental agreement, but it may not always relate to ongoing or anticipated work. A service fee usually refers to a charge for specific services rendered rather than an advance payment for expected future work.