earnest payment

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earnest payment

n. a deposit paid to demonstrate commitment and to bind a contract, with the remainder due at a particular time. If the contract is breached by failure to pay, then the earnest payment is kept by the recipient as pre-determined (liquidated) or committed damages.

See: pledge, security
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References in periodicals archive ?
Upon receiving secret information regarding suspicious luggage found in Arrha road in the jurisdiction of Gomal university police station, Police and incharge bomb squad reached on the site.
Again, in Hugh of Saint-Victor's De arrha animae, the story is told of Assuerus who dismissed Queen Vashti and asked for other virgins to be brought to replace the Queen in his bedchamber.