earnest money :

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earnest money

  • n  money given by a buyer to a seller to bind a contract
  Synonym(s)
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  earnest money
  • Council moves to negotiate on Cantrell Field bid
    Conway City Council voted 7 to 0 to accept a proposal and move into negotiations with Conway Development Corporation and Jim Wilson and Associates, LLC, for the Cantrell Field Redevelopment.The proposal indicated a bid amount of $6.1 million for the 151 acres with 5 percent --- $305,000 --- in earnest money to be paid before certain milestones are reached. Mayor Tab Townsell said the land ...
    Aug. 14, 2013 - The Log Cabin Democrat

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