Final answer:
In an Agreement of Purchase and Sale, provisions related to the initial and subsequent deposits are typically found in specific sections of the contract.
Step-by-step explanation:
In an Agreement of Purchase and Sale, the provisions pertaining to the initial deposit and subsequent deposits are usually outlined in specific clauses within the contract. These areas detail the amount of the deposits, conditions for payment, and timelines. A typical agreement would clearly specify the sum to be paid as an initial deposit upon signing the contract to secure the transaction.
Subsequent deposit details would also be mentioned, describing any additional amounts to be paid, when they are due, and the conditions under which those payments are to be made. All these details are pertinent to the purchase agreement and serve as a security for both the buyer and seller in a real estate transaction. It's often recommended to get legal advice when reviewing or drafting these sections of an agreement to ensure clarity and protect all parties involved in the transaction.
Regarding the deposit insurance program in the United States, the term refers to an insurance system that protects bank depositors against the loss of their deposits in the event that a bank fails. More specifically, the Federal Deposit Insurance Corporation (FDIC) insures deposits, and the insurance premiums are paid by the banks themselves, not by the individual depositors.