Deposit Forfeiture Agreement
Description
How to fill out Deposit Agreement?
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FAQ
Earnest money paid by a purchaser of an immovable property can be forfeited by the seller if the former fails to pay the remaining sum, the SC has held.
Security deposit can not be forfeited.
In case of successful bidder, EMD amount will be refunded after the submission of 10% Performance Bank Guarantee. The successful bid, if withdrawn, will be liable for forfeiture of the EMD.
EMD of a tenderer will be forfeited, if the tenderer withdraws or amends its tender or derogates from the tender in any respect within the period of validity of its tender. Further, if the successful tenderer fails to furnish the required performance security within the specified period, its EMD will be forfeited. 2.
Forfeiture is compensation for breach of the terms of a contract. The party who fails to perform their obligations or breach their duty under a contract forfeits their assets or rights under the contract. The purpose of forfeiture is to compensate the party adversely affected by the non-performance of the contract.
