"Deposit" refers to a certain amount of currency agreed by the parties to be paid by one party to the other party as a guarantee of creditor's rights. It is a form of legal guarantee that aims to prompt the debtor to fulfill its obligations and to ensure that the creditorâ€™s claims are realized. When signing the contract, the deposit must be agreed in writing, and the amount of the deposit and the deadline for delivery should also be agreed upon. If the party that pays the deposit does not perform the debt, it does not have the right to request the other party to return the deposit; if the party accepting the deposit does not perform the debt, it must double the debt to the other party. After the obligor has fulfilled his obligations, the deposit shall be paid as a price or withdrawn in accordance with the agreement.
In contrast, "deposit" is not a legal "deposit", but it is often used when signing a contract. The difference between the words is quite different. In the contract, if a "deposit payment" is written, one party breaches the contract, and the other party does not have the right to demand double return. Only the original amount can be obtained.
Some individuals and companies use people's lack of legal knowledge to deliberately set a trap when signing a contract and write the deposit as a â€œdepositâ€ to escape legal sanctions. In order to avoid losses, when you sign a contract with someone, you must leave God and look for it.