Non-refundable Deposit

A non-refundable deposit is a payment made upfront to secure a service, product, or reservation, which cannot be returned if canceled. It ensures the provider that you are committed to proceeding. For example, booking a hotel room or event space often requires a non-refundable deposit. If you decide not to go or cancel, the deposit remains with the provider, helping cover their costs or potential lost income. This arrangement benefits both parties by securing the reservation and reducing financial risk for the service provider.