what is the main difference between bond and deposits
Answers
Answer:
spelling is the main difference in both of them
Answer:
The difference between a bond and a deposit can depend largely on the situation. Their main difference is their purpose and function. It follows that some of the other main differences between them manifest in the following ways:
1. Bonds are a type of security interest, as an obligation to pay a sum or to perform a contract.
2. A deposit is an initial payment. They show good faith and can reserve something for purchase.
3. Therefore, a bond is refundable upon certain conditions. For example, providing a rental bond protects the landlord in the event that a tenant damages the property. If the property remains undamaged upon completion of the lease period, the tenant then receives the bond back.
4. Deposits are non-refundable. This is because they are credited towards future payments.
A bond will usually only be given upon executing an agreement.
Explanation:
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