Deposit (deposit)

Deposit (deposit)

    Upon conclusion of the contract, if the other party fails to comply with its part of the arrangement, the deposit will serve as proof and security. You can give whatever you decide as a deposit and it may not necessarily coincide with the subject of the principal obligation under the contract. When giving a down payment there is no need to conclude a contract, but a note should be issued about whether it is the money or the thing you have given. In real estate transactions, the deposit is negotiated as a clause in the preliminary contract for the sale of the property. When the contract is executed by both parties, the deposit in question is deducted from the total payment amount or in case the deposit is a return item. It may also be returned if the contract is terminated by mutual agreement. You have the right to terminate the contract in case of non-performance by the other party and to claim in double amount the deposit or its performance and compensation for the damages suffered.