SECURITYDEPOSIT

Security deposit

A security deposit is a sum of money held in trust either as an initial part-payment in a purchasing process - also known as an earnest payment, or else, in the course of a rental agreement to ensure the cost of repair in relation to any damage explicitly specified in the lease and that did in fact occur.

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security deposit

Noun

  1. An amount of money paid in advance as security against the payor's non-performance of a contractual obligation.
    The landlord demanded one month's security deposit for rent, another for damage to the apartment, and one month's rent in advance.


The above text is a snippet from Wiktionary: security deposit
and as such is available under the Creative Commons Attribution/Share-Alike License.

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