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What Is The Difference Between The Two "Fixed" Orders In The Contract?

2010/11/23 18:05:00 159

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Legal Provisions On Deposit Deposit Contract

Earnest money

It means

contract

In order to ensure the fulfillment of the contract, the parties concerned

Legal provisions

Or the agreement between the parties concerned, in advance of the time when the contract is concluded or after the conclusion of the contract, it shall pay the other party's money or its substitute in advance according to a certain proportion of the contract value (not exceeding 20%).

It is a certain amount of money guaranteed as a creditor's right. It belongs to a legal guarantee mode, which aims at promoting the debtor's performance of debt and ensuring the creditor's creditor's rights can be realized.

When signing a contract, the deposit must be agreed in writing, and the amount of deposit and the time limit for delivery should also be agreed.

If a party pays a deposit, if he fails to fulfill his obligations, he or she has no right to ask the other party to return the deposit; if the party receiving the deposit fails to perform the obligation, he shall double the debt back to the other party.

After the debtor has performed his obligations, the deposit shall be made as a price or withdrawn according to the agreement.

Deposit

In law, it is not clear and nonstandard. It is generally regarded as prepayment in trial practice. Even if it is regarded as a performance guarantee, this guarantee is also unilateral. It only sets constraints on the payment party, that is, the guarantee of the recipient to the recipient.

If the receiver breaks the contract, he can only return the original deposit and not get the double return. If the provider breaks the contract, the recipient will refund the deposit for compensation or liquidated damages for various reasons.

The difference between deposit and deposit is mainly manifested in four aspects:

1, the agreement for the delivery of a deposit is not paid from the contract, which is agreed to be paid in advance, and does not constitute a breach of the main contract. The agreement to deliver the deposit is a part of the main contract, which shall be paid in advance and not delivered, which constitutes a breach of the main contract.

2. When the party who delivers and accepts the deposit does not fulfill the contract obligation, it will not lose or double the consequences of the advance payment. The deposit can only be used for damages.

3, the amount of the deposit has certain restrictions in the legal provisions, for example, the guarantee law stipulates that the amount of the deposit shall not exceed 20% of the principal contract; and the amount of the deposit shall not be limited by the free agreement between the parties.

4, earnest money has the nature of guarantee, whereas the deposit is only a unilateral act, and does not have the obvious guarantee nature.

It can be seen that although the deposit and deposit are only one word difference, the legal consequences arising from them are different. The deposit can not produce all four legal effects of the deposit, nor can it apply the deposit penalty.