Contract Glossary
Default
Definition
Failure to fulfill a contractual obligation, whether it's missing a payment, not delivering work on time, or violating a specific term. Default triggers the other party's right to enforce remedies outlined in the contract.
In Practice
Missing a loan payment is the classic example of default, but it's broader than that. Failing to maintain required insurance, breaking a confidentiality clause, or not meeting performance benchmarks can all be defaults. Most contracts define exactly what counts as a default and what happens next, notice requirements, cure periods, and available remedies.
Common in these contract types
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