A note of promise for payment of performance deposit

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nagomi

Senior Member
Korean
What do you call a promissory note that guarantees that you will pay, as a contractor, a deposit that you have placed in with the client in case you would fail to do a remedy for any faults in your service or product during the period of warranty?

To give more detailed picture, you are the client and and you've hired a contractor to build a machine. During the warranted period, if there's any malfunctions with the machine, you're entitled to request the contractor to do a repair or rebuild to fix it. This is where the 'promissory note' comes in. This note states that the contractor will surrender the deposit, which has been left with you in case the contractor fails to do a adequate remedial actions for the inconveniences.
 
  • Darlingpurslane

    Senior Member
    English - US
    That seems like a very specific legal situation, and I am not sure we have such a thing in America. You may be better off consulting a lawyer or legal expert, rather than a dictionary forum, for this.
     
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