Glossary
What is Default?
The situation in which the debtor fails to perform a matured debt on time.
As a rule it arises on notice from the creditor; but where a date for performance has been fixed, no notice is needed. It gives rise to consequences such as default interest, damages for delay and the right to rescind the contract.
Related terms
This definition is for general information; what the term means in your own file may differ. Let us assess your case together.