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hey guys its carolina and today were going to be talking a little bit about a question that i get asked all the time and thats should i call it a non-refundable deposit or should i call it a retainer now this is a question that i think a lot of people have had on their minds for a very long time but after coving we all know that this has gotten a little bit more important so im going to let you in on a little secret it really doesnt matter in the end what you call it as long as its set up correctly now im going to say that with one caveat that ill attach the very end of this video but for now it doesnt matter what youre calling it as long as you have it set up like liquidated damages and when i say the word liquidated damages thats one of those legal magic words that people really like to throw around and see in contracts because it actually really means something its a term of art now where we say liquidated damages we mean that its compensation for what a party has done