Offer/ Deposit refundability

Hey everyone

We just made and had an offer accepted on a vessel. We have purchased others in the past, but I didnt pay as close attention as I am this time. I am about to wire the deposit money, but want to see if how I interpret the following is what is correct. Yes, I know to be sure talk to an attorney... But this is a pretty common thing that I am sure you all have encountered so just looking for a confirmation or risks I am missing.

Here is the verbaige from contract:
Survey Option; Acceptance of Vessel; Conditions of Survey. Buyer’s obligation to purchase is subject to Buyer’s satisfaction, in Buyer’s sole discretion, with a trial run and survey of the Vessel, if Buyer elects to have the Vessel surveyed. In such event: (a) Buyer will select the Surveyor and thereupon Surveyor and not Brokers, will be the sole party responsible for any errors or omissions with respect to such survey, notwithstanding the fact that Brokers may have provided information and assisted Buyer with hiring the Surveyor; (b) the survey shall be completed as soon as practicable after Execution; (c) all costs of the survey are the Buyer’s sole responsibility, including associated costs such as haul-out, dry dock charges, and subcontractors, for example; (d) Buyer and its surveyor will be solely responsible for the scope of the survey and the trial run with respect to determining conformity with the Buyer’s requirements; and (e) Buyer must deliver written notice of rejection or acceptance to Seller by no later than the BUYER ACCEPT/REJECT date. Buyer’s failure to timely accept/reject shall be construed as a rejection. Upon Buyer’s acceptance, and/or initiation of survey, Seller will not make any personal use of the Vessel pending Closing. If Buyer rejects the Vessel, after all expenses incurred on Buyer’s behalf have been paid: (i) the Agreement shall terminate; (ii) the parties and Brokers will be released from any further liability hereunder; and (iii) the Deposit shall be returned to Buyer. The trial run shall be at Seller’s sole risk and expense. Brokers shall not be responsible for the cost of correcting any items found to be deficient in the survey

Additional Terms:
Subject to: Financing by xxx, 2020; Trial Run by Aug xx, 2020; Marine Survey by Aug xx, 2020; Mechanical Inspection by Aug xx, 2020. Offer to purchase contingent on the following: 1. BUYERS visual and in-person inspection of VESSEL by August xx, 2020


The way I have always understood this, is we as the buyers can at any point up until the BUYER ACCEPT/REJECT date decide to REJECT the purchase in writing and the deposit is fully returned to us. Am I correct on this? Seems very clear to me, but are there specific situations where this is not the case?

Thanks everyone in advance. Its a lot of $$ to put down and certainly would not want to risk losing it if once we see it in person or after survey is not what we thought.

Thanks

Thank you. I thought that was correct, but always like to hear outside opinion.

We are going to do the personal inspection. I just wanted to confirm that if after that its not up to what we expect that we can reject and walk away. I was sure we could be it was good to have it validated. thx