SELLER GUARANTEE DEPOSIT Definition

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SELLER GUARANTEE DEPOSIT is a good-faith deposit of funds that is made to demonstrate that the seller is confident enough in their technical skills and time management abilities to guarantee that they will complete the project 100% and on time. If the project is completed successfully, then the seller receives back the Seller Guarantee Deposit (minus the Seller Guarantee Deposit Processing Fee). If the project is not completed successfully, the seller forfeits the entire Seller Guarantee Deposit as liquidated damages for the breech.

Learn new Accounting Terms

COST APPROACH is a general way of estimating a value indication of an individual asset by quantifying the amount of money that would be required to replace the future service capability of that asset.

GROSS is: a. the entire amount of income before any deductions are made; or, b. any total amount before any deductions (examples: gross income or gross labor).

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