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 ?
They bemoan what they claim to be the now increasingly required giving of luck money, whereby those selling horses are compelled to hand over a percentage of sale proceeds to the buyer's agent.
He really caught the eye after missing the break, made good ground under Jamie Spencer only to meet with traffic problems to finish an unlucky sixth behind Paul Cole's Luck Money.
A dozen British horses will travel across the Irish Sea for a cut of the riches and Whatcombe handler Cole was successful in the colts' event last year through Luck Money.
However, if you look at last year's winner, Luck Money, his form was the strongest of all coming into the race regardless of the size of the reputations of some he conquered.
From our point of view the favourite Luck Money stopped too quickly and quite rightly Steve Drowne kicked for home, because he's usually slower to respond on the course than he is at home.
On his belated return, LUCK MONEY is worthy of support in the Listed King Charles II Stakes (2.
The Peter Chapple-Hyam-trained three-year-old found only the very useful Luck Money too good on his sole juvenile outing, and duly made a successful reappearance over this course and distance last month.
In his one start to date, Orientalist Art finished second behind Luck Money in a Newmarket maiden.
He could be joining stablemate Luck Money in Tuesday's Coventry Stakes, and his trainer Paul Cole said, "They are both entered at the moment.
The Scot, who only returned to the saddle on Thursday, made every yard a winning one on the Paul Coletrained Luck Money to take the European Breeders' Fund Maiden Stakes by two and a half lengths from Orientalist Art.
And the parents give the child a gift, good luck money in a red envelope.