Document background
The Non-Refundable Deposit Agreement is essential for transactions in Australia where a party requires security for a commitment through a deposit that will not be returned under specified circumstances. This document is commonly used in various commercial contexts, from property transactions to service bookings, where businesses need to protect themselves against potential losses from cancelled transactions or breached commitments. The agreement must carefully balance the rights of both parties while ensuring compliance with Australian Consumer Law and state-based regulations. It typically includes specific details about the deposit amount, payment terms, the circumstances under which the deposit becomes non-refundable, and any conditions that might affect the retention of the deposit.
