Management Security Deposit Sample Clauses
The Management Security Deposit clause requires a party, typically a tenant or service provider, to provide a security deposit to the management as a form of financial assurance. This deposit is usually held by the management for the duration of the agreement and may be used to cover damages, unpaid fees, or breaches of contract terms. By requiring this deposit, the clause helps protect the management from potential financial losses and encourages compliance with the agreement's obligations.
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Management Security Deposit. Huashang Hotel shall pay a security deposit in the sum of RMB3 million (“Management Security Deposit”) to Sun City Hotel within 15 business days after the day on which the Hotel Management Contract takes effect, to secure the full and proper performance of Huashang Hotel’s obligations under the Hotel Management Contract. Upon the expiration or early termination of the Hotel Management Contract, the Management Security Deposit will either be: (i) in case Huashang Hotel has obtained the Hotel Qualifications by then, transferred as Usage Security Deposit (as defined below) for the purpose of the Hotel Usage Agreement; or (ii) in case Huashang Hotel has not yet obtained the Hotel Qualifications by then, refunded to Huashang Hotel without interest in accordance with the provisions of the Hotel Management Contract, in each case after deducting all outstanding Cost of Property Use and any other amounts payable by Huashang Hotel as a result of its breach (if any) of the Hotel Management Contract. Unless otherwise stipulated in the Hotel Management Contract, Huashang Hotel shall not for any other reason request Sun City Hotel to deduct the Cost of Property Use and other amounts payable by Huashang Hotel to Sun City Hotel from the Management Security Deposit or other deposits stipulated in the Hotel Management Contract.