Earnest Payment

Business, Legal & Accounting Glossary

Definition: Earnest Payment




What is the dictionary definition of Earnest Payment?

Dictionary Definition


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.


Cite Term


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Page URL
https://payrollheaven.com/define/earnest-payment/
Modern Language Association (MLA):
Earnest Payment. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. September 22, 2021 https://payrollheaven.com/define/earnest-payment/.
Chicago Manual of Style (CMS):
Earnest Payment. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. https://payrollheaven.com/define/earnest-payment/ (accessed: September 22, 2021).
American Psychological Association (APA):
Earnest Payment. PayrollHeaven.com. Retrieved September 22, 2021, from PayrollHeaven.com website: https://payrollheaven.com/define/earnest-payment/

Definition Sources


Definitions for Earnest Payment are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 27th April, 2020 | 0 Views.