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.

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.
Other confirmed travelers included League of Southeastern Credit Unions President/CEO Patrick LaPine, California and Nevada Credit Union League President/CEO Diana Dykstra, Michael Ostrowski, president/CEO of the $121 million Arrha Credit Union in Springfield, Mass., and Dan Mica and Paul Mica of the Washington-based lobby firm DMA Group.