Deposit

A deposit is a payment made to a booking agent, hotel, or tour operator in advance, usually as a means of securing a reservation or booking. It is a monetary commitment that serves as proof of a person’s interest in utilizing the services or space of an establishment at a specific time or date. Deposits may also be used as a form of security against damages or losses that may occur during the course of a person’s stay or tour. They are typically non-refundable, as they are meant to ensure the availability of a desired service, and may be deducted from the total cost of the service upon completion. In short, a deposit is a down payment that confirms a person’s reservation and ensures their place in a queue or schedule.