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In this article, you’ll find a collection of free Printable Non-Refundable Deposit Agreement Templates and samples in PDF, Word, and Excel format to help you make your transaction effective.
A non-refundable deposit agreement is a legally binding contract where one party (the depositor) pays a specified amount to another party (the recipient) as a deposit for a future transaction. Unlike standard deposits, these are not returned if the depositor decides to withdraw from the agreement.
Non-Refundable Deposit. Purchaser has made a non-refundable deposit in the amount of One thousand and 00/100 Dollars ($1,000.00) (the “Deposit”), and the Deposit shall be applied to reduce the Purchase Price due at Closing.
A non-refundable deposit agreement is a document that an owner of a business will ask for on behalf of the company when accepting money from clients.
Yes. For a non-refundable deposit (or a liquidated damages clause) to be valid, it needs to be reasonable and proportional to the damage suffered by the party at the time of the contract. Also, many types of popular security deposits are regulated by law and often fully refundable.
Non-refundable Deposit Agreement: A legally binding contract that outlines the amount and terms of a non-refundable deposit. Signing and Notarizing: An official process to make a document legal, typically done by having it signed and stamped by a notary public.
With the exception of a few scenarios, such as nonrefundable retainers and real estate security deposits, non-refundable deposits are valid so long as they are explicitly stated within the contract and reasonable under the circumstances that existed at the time the contract was signed.