Document background
The Non-Refundable Payment Agreement is essential in transactions where advance or commitment payments are required without the possibility of refund. This document type is commonly used in the Philippines for various business transactions, including property reservations, event bookings, service retainers, and project commitments. The agreement must comply with Philippine Civil Code requirements and typically includes detailed payment terms, explicit acknowledgment of the non-refundable nature, purpose of payment, and the circumstances under which the payment is made. It serves to protect both the paying and receiving parties by clearly documenting the terms and preventing future disputes about refund expectations. The document is particularly relevant in situations where businesses need to secure commitments from clients or customers, or where significant preparations or reservations need to be made based on the payment.
