earnest payment

   Part payment or deposit made to demonstrate seriousness in the purchase of goods and services or to bind a contract, with the remainder due at a particular time. If the contract is breached by failure to pay the agreed balance, then the earnest payment may be kept by the recipient as predetermined damages.

Business law dictionary. 2015.

Look at other dictionaries:

  • earnest payment — index pledge (security) Burton s Legal Thesaurus. William C. Burton. 2006 earnest payment …   Law dictionary

  • Earnest payment — An earnest payment (sometimes called earnest money or simply earnest, or alternatively a good faith deposit) is a deposit towards the purchase of real estate or publicly tendered government contract made by a buyer or registered contractor to… …   Wikipedia

  • earnest money — earnest mon·ey n: money used as earnest Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. earnest money …   Law dictionary

  • earnest — ear·nest / ər nəst/ n [Anglo French ernes(t) erles, alteration of Old French erres, plural of erre pledge, earnest, alteration of Latin arra, short for arrabo, from Greek arrhabōn, of Semitic origin]: something of value given by a buyer to a… …   Law dictionary

  • earnest — earnest1 [ʉr′nist] adj. [ME ernest < OE eornoste < eornost, earnestness, zeal, akin to Ger ernst, seriousness (OHG ernust) < IE base * er , to set oneself in motion, arouse > RUN] 1. serious and intense; not joking or playful; zealous …   English World dictionary

  • earnest — Synonyms and related words: abandoned, acquitment, acquittal, acquittance, advertent, afire, agog, alert, all ears, all eyes, amortization, amortizement, ardent, assiduous, attention, attentive, aware, awe inspiring, bail, binder, bond, bound,… …   Moby Thesaurus

  • earnest money — A sum of money paid by a buyer at the time of entering a contract to indicate the intention and ability of the buyer to carry out the contract. Normally such earnest money is applied against the purchase price. Often the contract provides for… …   Black's law dictionary

  • Earnest Money — A deposit made to a seller showing the buyer s good faith in a transaction. Often used in real estate transactions, earnest money allows the buyer additional time when seeking financing. Earnest money is typically held jointly by the seller and… …   Investment dictionary

  • earnest — I adj 1. fervent, fervid, perfervid, ardent, zealous, passionate, impassioned, intense; assiduous, diligent, intent, concentrated; firm, resolute, determined, Inf. bound and determined, decided, purposeful; serious, sincere, in earnest, Inf. for… …   A Note on the Style of the synonym finder

  • payment — n 1. remuneration, compensation, reimbursement; remittance, installment, handsel, Insurance. premium; settlement, liquidation, quittance, discharge, reckoning; refund, rebate. 2. expenditure, outlay, disbursement, expense; defrayal, contribution …   A Note on the Style of the synonym finder

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