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I have a contract that reads,
Asked on October 13, 2017 under Business Law, New York
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 4 years ago | Contributor
Actually, it is the other way around: contracts deposits retainers, etc. are always nonrefundable unless they specifically are stated or agreed to be refundable; that is, nonrefundable is the default or the norm. So long as the vendor does not breach his or her contractual obligations (that is, so long as they honor the agreement/contract), they do not have to refund any money.
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