Security Deposit
/ˈsɪkjʊrɪti dɪˈpɒzɪt/
Definitions
- (n.) A sum of money held in trust as security for the performance of an obligation under a contract, often in leasing agreements.
The landlord held the tenant's security deposit until the lease ended to cover any damages.
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Commentary
Often stipulated in lease contracts, the security deposit is distinct from rent and is refundable subject to contract terms and property condition.
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