Title: Is the Deposit Forfeited When the Contract is Not Executed?

According to Article 328 of the Civil Code 2015:

- Deposit is the act where one party (hereinafter referred to as the depositor) delivers to the other party (hereinafter referred to as the deposit receiver) a sum of money or precious metals, gems, or other valuable items (hereinafter collectively referred to as deposited assets) within a specific period to ensure the conclusion or performance of a contract.

- In case the contract is concluded and performed, the deposited assets shall be returned to the depositor or deducted to fulfill the payment obligation; if the depositor refuses the conclusion or performance of the contract, the deposited assets shall belong to the deposit receiver; if the deposit receiver refuses the conclusion or performance of the contract, they must return the deposited assets and an amount equivalent to the value of the deposited assets to the depositor, unless otherwise agreed.

=> Therefore, if by the agreed date you do not make the payment, it is considered a refusal to conclude the contract and the deposit amount will belong to the deposit receiver. Unless you and the deposit receiver have other agreements regarding this matter.

The editorial board informs you.