Definition
Money paid to a landlord at the beginning of a lease to ensure the tenantÃs compliance with the terms of the lease. The money is held in trust by the landlord and may be used to cover costs resulting from any breach of the lease terms by the tenant, including damage to the property. If there are no such breaches, the money is refundable to the tenant at the end of the lease term.
Context: Used in Contract Law, Property Law