What is deposit, how would you describe it?

Good day, thanks for the question. Deposit is a particular sum of money, which is paid by one party of the contract, to the other. Deposit could be named as a certain contract fortification, like a guarantee, that the terms of the contract will be respected to. Deposit performs three functions: payment (in situation like this, it is a sum of money, used to pay for some services or pay off a debt); proof (to put it simple, deposit is put as a proof, that the contract is successfully concluded); assurance (when the deposit is paid to ensure a smooth contract execution).