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Good Faith Deposit

Good Faith Deposit – A good faith deposit or “earnest deposit” is a monetary payment, usually on real estate, that indicates to the seller that the buyer is genuinely intending to complete the purchase.  A good faith deposit shows the seller that the buyer is serious, and this sum is held in escrow while the purchase agreement is written.  If the seller rejects the buyer’s offer, the good faith deposit is returned.  If the buyer withdraws the contract, the good faith deposit is forfeited.  Most sellers prefer to negotiate large good faith deposits in order to discourage a buyer from terminating a contract.

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Definition of the Day Proof Of Concept

Proof Of Concept – (Proof-of-concept) Referring to the types and applicability, reliability or evidence, verification, confirmation and corroboration, even substantiation, or resilience of data, fact etc. Also called POC, showing its usefulness and applications, features and possibilities, allowing to an extent no to low risk exposure and exploration, prospecting if...

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