First come, first served?

golfecho wrote in post #2492253
Help me out here . . . what is the downside to the term "deposit"??

The interpretation varies. Some people consider it like money against a service or product that will be given sometime in the future. If the product is not delivered or the service given, then people expect to get their deposit back.

However, when you say that you need a retainer to "reserve" the date upon signature of the agreement (I hate the word contract, also), you are actually getting money against you reserving the date. If they cancel, you've done your part in reserving the date, and your retainer is just compensation (well, not always) for having lost other opportunities.

The "downside" in using the term "deposit", is that it implies that it may be refundable if the contracted services aren't performed. Even if you state that it is non-refundable in your contract, the law may see a deposit as payment for services and if an event is cancelled services aren't performed therefore the deposit should be refunded. On the other hand, if you call it a reservation or booking fee, then it cannot be refunded in such a case since they were paying the money to actually book or reserve your services.

It's just a little nuance, but one to be aware of especially since a deposit for services could be considered refundable in court.

Clear as mud?