Common use of Deposits and advance payments Clause in Contracts

Deposits and advance payments. Clause 4.1 requires Hirer to pay deposits for the Hiring Fee and make an advance payment for Estimated Costs. All Hiring Fee or Estimate Cost payments made by Xxxxx under this Contract will be held by BCEC Management as a security deposit and will be applied in the following way: (a) if Hirer defaults under this Contract or cancels their Event then all Hiring Fee and Estimated Cost payments made by Xxxxx will be retained by BCEC Management; (b) if BCEC Management defaults under this Contract by failing to provide the Event Facilities during the Hiring Period, then all Hiring Fee and Estimated Cost payments made by Xxxxx will be refunded to Hirer; (c) on completion of the Event, all Hiring Fee and Estimated Cost payments made by Xxxxx will be applied in accordance with the final statement given by BCEC Management to Hirer under clause 4.3; (d) otherwise, all Hiring Fee and Estimated Cost payments made by Xxxxx will be applied in the manner set out in this Contract.