▇▇▇▇▇▇▇ Money Deposit Clause Samples
A Money Deposit clause sets out the requirements and procedures for one party to provide a sum of money as a deposit, typically as security for performance or to reserve a contractual right. This clause usually specifies the amount to be deposited, the timing of the deposit, and the conditions under which the deposit may be refunded or forfeited, such as upon breach or completion of obligations. Its core function is to protect the interests of the receiving party by ensuring there are funds available to cover potential losses or to demonstrate the commitment of the depositing party.
▇▇▇▇▇▇▇ Money Deposit. (a) Within three (3) Business Days after the full execution and delivery of this Contract, Buyer shall deposit the sum of Three Hundred Thousand and No/100 Dollars ($300,000.00) in cash, certified bank check or by wire transfer of immediately available funds (the “Initial Deposit”) with the Title Company, as escrow agent (“Escrow Agent”), which sum shall be held by Escrow Agent as ▇▇▇▇▇▇▇ money. If, pursuant to the provisions of Section 3.1 of this Contract, Buyer elects to terminate this Contract at any time prior to the expiration of the Review Period, then the Escrow Agent shall return the ▇▇▇▇▇▇▇ Money Deposit to Buyer promptly upon written notice to that effect from Buyer. If Buyer does not elect to terminate this Contract on or before the expiration of the Review Period, Buyer shall, prior to the expiration of the Review Period, deposit the Additional Deposit with the Escrow Agent. The Initial Deposit and the Additional Deposit, and all interest accrued thereon, shall hereinafter be referred to as the “▇▇▇▇▇▇▇ Money Deposit.”
(b) The ▇▇▇▇▇▇▇ Money Deposit shall be held by Escrow Agent subject to the terms and conditions of an Escrow Agreement dated as of the date of this Contract entered into by Seller, Buyer and Escrow Agent (the “Escrow Agreement”). The ▇▇▇▇▇▇▇ Money Deposit shall be held in an interest-bearing account in a federally insured bank or savings institution reasonably acceptable to Seller and Buyer, with all interest to accrue to the benefit of the party entitled to receive it and to be reportable by such party for income tax purposes; provided, however, to the extent that Buyer instructs the Escrow Agent to apply the ▇▇▇▇▇▇▇ Money Deposit toward the Purchase Price in accordance with Section 2.4, interest shall be deemed to have accrued to the benefit of Buyer and be reportable by Buyer for income tax purposes.
▇▇▇▇▇▇▇ Money Deposit. A $5,000 non-refundable deposit will be wire transferred or hand delivered in the form of certified funds to United Country | Blue Ridge Land and Auction no later than 48 hours following the close of auction. See closing agents contact information below. The balance of the purchase price will be due in full at closing.
▇▇▇▇▇▇▇ Money Deposit. 2.3.1 All the bidders shall submit the EMD in e-Payment gate way system, DD or Banker’s Cheque along with Bid documents.
2.3.2 The 2% EMD of unsuccessful tenderers will be returned no sooner the tenders are finalized or end date of the Tender validity period whichever is earlier.
2.3.3 The ▇▇▇▇▇▇▇ money deposited by the successful tenderer will not carry any interest and it will be dealt with as provided in the conditions stipulated in the Tender. The EMD of a nationalized bank or e-payment shall be valid for three months and extendable in case any valid extension of contract period is granted.
2.3.4 If an acceptable EMD is not submitted by a tenderer as mentioned above, then tender(s) of such tenderer(s) shall be rejected considering it a non-responsive and their Technical package shall not be opened and if opened then, it will not be evaluated. No post bid clarification shall be sought on EMD.
2.3.5 The EMD of the successful Tenderer shall be returned after receipt of performance security or being adjusted to Performance Security.
2.3.6 The EMD shall be forfeited:
a) If the Tenderers withdraws his Tender during the period of Tender validity,
b) If the Tenderers does not accept the correction of his Tender price,
c) If the successful Tenderers refuses or neglects to execute the contract or fails to furnish the required Performance Security within the time specified by the Employer.
2.3.7 EMD’s submitted after due date and time shall not be accepted and online tenders of such Tenderers shall liable to be rejected summarily. We will not be responsible for delay, loss or non-receipt of ‘EMD’ sent by post/ courier.
i. During the tender period, the Employer may issue further instructions to Tenderers or any modifications to existing tender documents in the form of an addendum. Such an amendment in the form of an addendum will be uploaded on the e-tendering portal within the date given in NIT which shall be available for all the prospective Tenderers who have purchased the tender document in the tender period.
ii. Sub-contracting shall be generally limited to 50% of the Contract price. The terms and conditions of sub-contracts and the payments that have to be made to the sub-contractors shall be the sole responsibility of the contractor. All the sub-contractors are to be approved from Employer.
▇▇▇▇▇▇▇ Money Deposit. Immediately upon the execution of this Sale Contract, Buyer will pay ten percent (10.00%) of the Total Contract Price for the Property as the ▇▇▇▇▇▇▇ Money Deposit to Escrow Agent to be held on deposit by Escrow Agent in a designated bank escrow account, insured by Federal Deposit Insurance Corporation, and Escrow Agent will administer the funds in accordance with this Sale Contract. This escrow account will be non-interest bearing, unless otherwise required by law. The parties agree Escrow Agent will be relieved of all liability and held harmless by them so long as Escrow Agent holds the ▇▇▇▇▇▇▇ Money Deposit and makes any disbursement from it in accordance with this Sale Contract and the Escrow Agreement previously executed by Escrow Agent with Seller and Auctioneer. In the event of any controversy regarding the ▇▇▇▇▇▇▇ Money Deposit, Escrow Agent will not be required to take any action, but may await the result of any proceeding, or at Escrow Agent’s discretion, interplead the ▇▇▇▇▇▇▇ Money Deposit into a court of competent jurisdiction for determination, and Escrow Agent will thereafter have no liability whatsoever on any basis and for any amount with regards to the ▇▇▇▇▇▇▇ Money Deposit and this Sale Contract.
▇▇▇▇▇▇▇ Money Deposit. $ (if blank, then 5% of the Purchase Price, but no less than $2,500).
▇▇▇▇▇▇▇ Money Deposit. Under certain conditions described in the REPC, this deposit may become totally non- refundable. $ (b) Additional ▇▇▇▇▇▇▇ Money Deposit (see Section 8.4 if applicable)
▇▇▇▇▇▇▇ Money Deposit. Buyer must deposit the ▇▇▇▇▇▇▇ Money Deposit with Closing Agent on or before 5:00 PM in the time zone where the Property is located on the first business day after Seller countersigns this Agreement. The ▇▇▇▇▇▇▇ Money Deposit is non-refundable except as set forth in this Agreement and may be applied towards the amounts payable by Buyer hereunder. The escrow (“Escrow”) for the purchase of the Property shall be opened upon Closing Agent’s receipt of the ▇▇▇▇▇▇▇ Money Deposit and a fully signed copy of this Agreement.
▇▇▇▇▇▇▇ Money Deposit. Within 24 hours of execution of this Sale Contract, Buyer will pay ten percent (10.00%)
▇▇▇▇▇▇▇ Money Deposit. On the business day following the date of the execution hereof by Purchaser and Seller, Purchaser shall deliver to Escrow Holder, in Good Funds, the sum of Two Fifty Thousand Dollars ($250,000.00) (together with all interest accrued thereon the “Initial Deposit”). The Initial Deposit shall become non-refundable to Purchaser if Purchaser does not terminate this Agreement prior to the expiration of the Due Diligence Period pursuant to the provisions of Section 4.4 hereof. Unless Purchaser has elected to terminate this Agreement in accordance with the provisions of Section 4.4 hereof, prior to the expiration of the Due Diligence Period Purchaser shall deposit with Escrow Holder, in Good Funds, the additional sum of Five Hundred Thousand Dollars ($500,000.00) (the “Additional Deposit”). The ▇▇▇▇▇▇▇ Money Deposit shall be held by Escrow Holder in accordance with the terms of this Agreement. The ▇▇▇▇▇▇▇ Money Deposit shall be non-refundable to Purchaser (and shall constitute liquidated damages pursuant to Section 9.1 hereof) upon the expiration of the Due Diligence Period (unless Purchaser has, prior thereto, delivered to Seller its Notice of Purchaser’s termination of this Agreement as provided in Section 4.4 hereof); provided, however that the ▇▇▇▇▇▇▇ Money Deposit shall be refundable to Purchaser in the event of (a) a material uncured default by Seller of its obligations under this Agreement, (b) a failure of a condition precedent to Purchaser’s obligations as set forth in this Agreement or (c) as otherwise specifically provided by this Agreement. The ▇▇▇▇▇▇▇ Money Deposit shall be applied to the Purchase Price on the Close of Escrow.
▇▇▇▇▇▇▇ Money Deposit. Prior to the expiration of the Review Period, the Initial Deposit, together with interest earned thereon shall be fully refundable in accordance with the procedures set forth in Section 3.6 below. From and after the expiration of the Review Period, the Initial Deposit and the Additional Deposit (collectively, the “▇▇▇▇▇▇▇ Money Deposit”) shall apply to the Purchase Price and shall be nonrefundable to Buyer; provided, however, that if:
a. Buyer terminates this Agreement on or before the expiration of the Review Period in accordance with the provisions of Section 3.1; or
b. Buyer terminates this Agreement on or before the expiration of the Review Period in accordance with the provisions of Section 3.6; or
c. Buyer terminates this Agreement pursuant to the provisions of Section 6.1 in the event of a Seller default; or
d. Buyer terminates this Agreement pursuant to the provisions of Section 8 in the event of a condemnation or casualty; or
e. Buyer terminates the Escrow pursuant to the provisions of Section 5.12, then the ▇▇▇▇▇▇▇ Money Deposit shall promptly be refunded to Buyer, this Agreement shall terminate and the parties shall have no further rights or obligations hereunder except as expressly provided for herein. Escrow Agent shall invest the ▇▇▇▇▇▇▇ Money Deposit in insured money market accounts, certificates of deposit or United States Treasury Bills, provided that such investments are federally issued or insured.