Deposit

A deposit is the buyer’s part payment under a ship sale memorandum of agreement, lodged as security for performance, typically 10 percent of the purchase price. Under Norwegian Saleform 2012 it goes into an interest-bearing joint account with a deposit holder within 3 banking days of signing and the account being confirmed open, and it is released to the seller against the balance at delivery. If the buyer defaults, the seller can cancel and claim the deposit; the deposit can be a debt due even if never lodged, not merely a measure of damages. SHIPSALE 22 and NIPPONSALE 1999 use similar deposit mechanics.