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What is the term should be used if we ask for the up front…

Customer Question
What is the term...

What is the term should be used if we ask for the up front payment indicating their seriousness when the subscriber asking for 2 months due dilegence

Lawyer's Assistant: What state are you in? And have you consulted a local attorney?

Indonesia...not yet

Lawyer's Assistant: Has anything been officially filed? If so, what?

Not yet, we are in a very preliminary state of discussion with the subscriber

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

We are a private company having license for limestone, the raw material for cement..currently we met a very serious cement producer for China who is interested to build cement factory using our material...they would like to do a final preparation for two months before signing a definitive agreement..i am thinking should they are serious we will issue new shares to be subscribed....we havent prepare yet, but we are thinking we should ask their kind of serious commitment by asking commintment payment because there is another investor who is also interested?

Submitted: 7 months ago.Category: Business Law
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Answered in 1 hour by:
1/19/2018
Business Lawyer: Lori, Attorney replied 7 months ago
Lori
Lori, Attorney
Category: Business Law
Satisfied Customers: 2,447
Experience: Business law attorney with over 25 years experience
Verified
Hello. Let me see if I can assist. The term I believe you are referring to is an "earnest Money Deposit" which indicates the seriousness of the subscriber.
Hope that helps.
Please remember to accept my response and to post a positive rating.
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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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