Down payment - sustany/dvg GitHub Wiki

A down payment is an initial payment of a portion of a purchase price, paid by a buyer to a seller upon the�execution�of a sale�agreement�(note: agreement and contract are synonymous for purposes of this definition). A down payment serves both as partial performance and as security for the full performance of the agreement. If�performance�is not completed as required by the�contract, the down payment may be forfeited or returned, depending on which party is deficient in their performance.

See alsoearnest payment.