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Commentary

53.1 Nature of ‘deposits’

BOILERPLATE AND COMMERCIAL CLAUSES vol 4(3)
| Commentary

53.1 Nature of ‘deposits’

| Commentary

53: DEPOSITS AND PART PAYMENTS

(For deposits and part payment clauses see Form 53.1 [1951] onwards.)

53.1 Nature of ‘deposits’

In consumer transactions, everyone is familiar with the practice of ‘putting down a deposit’. Deposits are often used to reserve items that are purchased at a later date, or in circumstances where a supplier must incur costs before he can supply goods or services (for example, a tailor who orders cloth to make a suit). If the customer fails subsequently to buy the item, the trader keeps the deposit. The term is also used for the sum paid by a tenant to

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