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What are the terms and conditions for a non refundable deposit?

A non refundable deposit agreement must contain some necessary requirements for some degree of certainty and protection. The key elements that any well-drafted non refundable deposit agreement will have are: (a) the amount of the deposit; (b) conditions of forfeiture; and (c) conditions for returning the deposit.

How do you tell a client their deposit is nonrefundable?

You can say, Heres what we agreed to. Youll see that the deposit is non-refundable. Sleep on it. Dont ever make decisions at the height of emotion or under stress.

What is an example of a non refundable clause?

Except as expressly provided herein, all payments under this Agreement will be irrevocable, non-refundable, and non-creditable. No Refunds. Upon cancellation of this agreement by you for any reason, any and all unused funds or credits will be forfeited.

What is the wording for a non refundable deposit?

Buyer shall pay a non-refundable deposit to Seller in the amount of $ within (3 days if not filled in) days of mutual acceptance of this Agreement. If this transaction fails to close for any reason other than default by Seller, the nonrefundable deposit shall remain the property of the Seller.

Is it legal to have a non-refundable deposit?

Bottom line: You can ask for and keep a non-refundable deposit, provided it is fair and proportionate to your real costs or losses from a cancellation, and provided you have the right contract in place.