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earnest payment
(redirected from Luck money)

   Also found in: Wikipedia 0.01 sec.

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 also: pledge, security


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Luck money is defined in the current code of practice, which was published in 2004, as "any financial payment or payment in kind made by or on behalf of a vendor or purchaser or his agent, after the sale of a horse has been concluded".
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.
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.
 
 
 
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