Re: Forfeit of deposit Yes or No ???

Posted by dhermesc on March 05, 2007 at 11:22:55 from (24.248.193.103):

In Reply to: Forfeit of deposit Yes or No ??? posted by Sam F. on March 05, 2007 at 10:05:36:

Tell him to read his contract.

You indicate that you have a paper contract that has all the T's crossed and the I's dotted. If your contract is spelled out right it will state that the deposit is compensation for HOLDING the tractors for a certain amount of time and not selling the tractors. Most sales contracts state the amount of the deposit will be credited towards the purchase when paid in full. They don't have to explicitly say that the deposit will be forfeited (but it should) if no sale takes place but it does have to say that it was for holding the merchandise.

He paid you to hold the tractors and you held them. Send him a nice card thanking him for his business.

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