Nonrefundable Deposit

Nonrefundable Fee or Nonrefundable Deposit
A nonrefundable fee or deposit refers to a charge for a product or service that will not be refunded if the product is returned or service declined. It often acts as a penalty charge where individuals frequently back out of commitments, ensuring a level of commitment from the client or customer.

Accounting Terms Lexicon

Discover comprehensive accounting definitions and practical insights. Empowering students and professionals with clear and concise explanations for a better understanding of financial terms.