Rent now process: what happens when the tenant does not move in following the contract?

I wonder if anyone who have used “rent now” know this: if a tenant sign a contract and then the deposit and rent have been paid to openrent. From what I understand that this amount will be transferred to the landlord 10 days after the tenant moves in.
What about if the tenant does not move in which basically failed the contract? Will any amount be transferred to the landlord, or this all will be back to the tenant? If the contract is signed a month before the move in date, and if the tenant in the last minute after signing the contract change their mind, what the cost would be for the tenant? It certainly brings loss for the landlord. Is there any advice from openrent about this @Sam?

Thanks for your question.

Your are correct that within Rent Now we pay the first rent to the landlord within 10 days, we cover why here: https://www.openrent.co.uk/kb/articles/115001553012

Once a contract is signed it is legally binding. If either party wishes to break the contract then we advise that they first discuss terms with the other party(s) to the contract to see if an surrender can be agreed amicably.

We discuss surrenders generally on our blog here: https://blog.openrent.co.uk/surrendering-tenancy-agreement-mutual-consent/

As we are aware that not all signed tenancies will proceed, we also offer a surrender process via Rent Now service to help with the admin and we discuss how this works here: https://help.openrent.co.uk/hc/en-gb/articles/360007890337-Surrendering-A-Tenancy-once-the-Contracts-are-Signed

When negotiating a surrender we advise that you consider any costs that you may incur (i.e. loss of rent, inventory costs, additional admin, etc). If you are unable to reach an amicable agreement with the tenant then we would advise that you seek independent legal advice