Security Deposit definition: Copy, customize, and use instantly
Introduction
The term "Security Deposit" refers to a sum of money held by a party to ensure the fulfillment of contractual obligations. It is commonly used in leases, service agreements, or financial transactions to provide assurance that certain obligations will be met. The security deposit is typically refundable, depending on the condition in which the property or service was used, and the terms of the agreement.
Below are various examples of how "Security Deposit" can be defined in different contexts. Copy the one that fits your needs, customize it, and use it in your contract.
Definition of "Security Deposit" for residential lease agreements
This definition ties "Security Deposit" to rental contracts.
"Security Deposit" refers to the amount paid by the tenant to the landlord as a form of security for the performance of the lease, refundable upon fulfillment of terms.
Definition of "Security Deposit" for commercial leases
This definition connects "Security Deposit" to commercial property leasing.
"Security Deposit" means the sum held by the landlord to cover any potential damage or unpaid rent during the term of a commercial lease.
Definition of "Security Deposit" for service contracts
This definition links "Security Deposit" to service agreements.
"Security Deposit" refers to an amount paid upfront by the client to secure services, which is refundable or applied towards future payments.
Definition of "Security Deposit" for utility services
This definition ties "Security Deposit" to utility agreements.
"Security Deposit" means an amount paid by the consumer to ensure payment for utility services, refundable after a specified period if the account is in good standing.
Definition of "Security Deposit" for business rental agreements
This definition applies "Security Deposit" to business rental agreements.
"Security Deposit" refers to the upfront amount paid by a business tenant to ensure payment of rent and other obligations, refundable upon the end of the lease.
Definition of "Security Deposit" for hotel or lodging
This definition links "Security Deposit" to hotel bookings.
"Security Deposit" means a sum of money collected by a hotel or lodging facility to cover potential damage, incidentals, or unpaid fees during a stay.
Definition of "Security Deposit" for construction contracts
This definition connects "Security Deposit" to construction projects.
"Security Deposit" refers to an amount paid by the contractor to ensure completion of the work in accordance with the contract, refundable upon satisfactory performance.
Definition of "Security Deposit" for equipment rental agreements
This definition applies "Security Deposit" to equipment rentals.
"Security Deposit" means the money held by the lessor to cover any damages, losses, or non-return of rental equipment, refundable upon the return of the equipment.
Definition of "Security Deposit" for tenancy at will
This definition ties "Security Deposit" to tenancy agreements.
"Security Deposit" refers to the payment made by a tenant to a landlord, held as security for damages or unpaid rent under a tenancy at will agreement.
Definition of "Security Deposit" for property management contracts
This definition connects "Security Deposit" to property management.
"Security Deposit" means an amount held by the property manager on behalf of the landlord to cover damages or unpaid rent during the lease term.
Definition of "Security Deposit" for a loan agreement
This definition links "Security Deposit" to loan transactions.
"Security Deposit" refers to an amount of money pledged by the borrower to secure the terms of a loan, refundable upon loan repayment.
Definition of "Security Deposit" for a car lease
This definition ties "Security Deposit" to automobile leasing.
"Security Deposit" means the upfront payment made by the lessee to cover potential damages or excess wear and tear on a leased vehicle, refundable at the end of the lease term.
Definition of "Security Deposit" for a franchise agreement
This definition connects "Security Deposit" to franchise arrangements.
"Security Deposit" refers to a payment made by the franchisee to the franchisor to ensure compliance with the terms of the franchise agreement.
Definition of "Security Deposit" for a vacation rental
This definition links "Security Deposit" to short-term rental agreements.
"Security Deposit" means an amount collected by the owner or property manager to cover potential damages or loss during the vacation rental period.
Definition of "Security Deposit" for a personal loan agreement
This definition ties "Security Deposit" to personal loan contracts.
"Security Deposit" refers to the collateral paid by the borrower to secure the loan, refundable upon repayment of the loan principal and interest.
Definition of "Security Deposit" for online rental platforms
This definition connects "Security Deposit" to digital rental services.
"Security Deposit" means an amount held by an online platform to cover damages, losses, or unpaid rental fees, refundable if the rental terms are met.
Definition of "Security Deposit" for long-term leases
This definition links "Security Deposit" to long-term rental agreements.
"Security Deposit" refers to the sum held by the landlord or property manager to ensure the tenant's obligations are met, refundable upon termination of the lease if no damages are incurred.
Definition of "Security Deposit" for a retail store lease
This definition connects "Security Deposit" to retail leasing.
"Security Deposit" means the amount paid by the retailer to the landlord to secure the lease of commercial space, refundable after the lease term ends if conditions are satisfied.
Definition of "Security Deposit" for property rental insurance
This definition ties "Security Deposit" to rental insurance agreements.
"Security Deposit" refers to an amount paid by the tenant to an insurance company to cover potential risks or damages to the property during the lease period.
Definition of "Security Deposit" for security services contracts
This definition links "Security Deposit" to security services agreements.
"Security Deposit" means a payment made by the client to cover any potential costs for unfulfilled service obligations, refundable after the contract term is completed.
Definition of "Security Deposit" for insurance contracts
This definition connects "Security Deposit" to insurance agreements.
"Security Deposit" refers to an amount paid by the policyholder to the insurer to ensure payment of premiums or claims, refundable under certain conditions.
Definition of "Security Deposit" for student housing
This definition ties "Security Deposit" to student accommodations.
"Security Deposit" refers to the payment made by a student tenant to secure the rental of a housing unit, refundable if no damages or unpaid rent exist at the end of the term.
Definition of "Security Deposit" for home rental agreements
This definition connects "Security Deposit" to residential leases.
"Security Deposit" means a refundable payment made by a tenant to a landlord, held to cover any damages or unpaid rent during the term of a home rental agreement.
Definition of "Security Deposit" for moving or storage services
This definition links "Security Deposit" to moving or storage contracts.
"Security Deposit" refers to a deposit made to secure storage or moving services, refundable upon completion of the contract and return of the items in good condition.
Definition of "Security Deposit" for online goods purchases
This definition ties "Security Deposit" to e-commerce transactions.
"Security Deposit" means an amount paid upfront by the buyer to ensure return of the purchased item in good condition, refundable upon return of the goods.
Definition of "Security Deposit" for event venue rentals
This definition connects "Security Deposit" to event contracts.
"Security Deposit" refers to a sum of money paid by the event organizer to the venue, refundable after the event if no damages occur.
Definition of "Security Deposit" for equipment purchase agreements
This definition links "Security Deposit" to purchase contracts for equipment.
"Security Deposit" means a deposit made by the buyer to secure the purchase of equipment, refundable upon full payment and delivery of the product.
Definition of "Security Deposit" for software as a service (SaaS)
This definition ties "Security Deposit" to SaaS agreements.
"Security Deposit" refers to an upfront payment by the subscriber to secure the terms of a SaaS agreement, refundable if the terms are fulfilled.
Definition of "Security Deposit" for vehicle rentals
This definition connects "Security Deposit" to car rentals.
"Security Deposit" means the sum of money held by the rental company to cover any damages or missing items from the rented vehicle, refundable when the vehicle is returned in the same condition.
Definition of "Security Deposit" for shared office space
This definition links "Security Deposit" to coworking spaces.
"Security Deposit" refers to a payment made by the tenant to secure a shared office space, refundable upon the end of the lease if no damage is caused to the property.
Definition of "Security Deposit" for loan collateral
This definition ties "Security Deposit" to collateral agreements.
"Security Deposit" refers to the amount of money held as collateral to secure the terms of a loan, refundable when the loan is repaid in full.
Definition of "Security Deposit" for appliance rental
This definition connects "Security Deposit" to appliance leases.
"Security Deposit" means an upfront payment made by the renter to cover potential damages to appliances, refundable at the end of the rental period.
Definition of "Security Deposit" for corporate housing
This definition links "Security Deposit" to temporary corporate housing agreements.
"Security Deposit" refers to a refundable payment made by an employee to secure the rental of corporate housing for a temporary period.
Definition of "Security Deposit" for leasing residential properties
This definition ties "Security Deposit" to residential lease transactions.
"Security Deposit" means a deposit made by the tenant to cover potential damages to the residential property, refundable after a satisfactory inspection at the end of the lease.
This article contains general legal information and does not contain legal advice. Cobrief is not a law firm or a substitute for an attorney or law firm. The law is complex and changes often. For legal advice, please ask a lawyer.