Business / Real Estate / Default: The nonperformance of a duty or obligation that is part of a contract. The most common occurrence of default on the part of a buyer or lessee is nonpayment of money when due. A default is normally a breach of contract, and the nondefaulting party can seek legal remedies to recover any loss. Defaults in long-term leases or contracts for deed other than nonpayment might be failure to pay real estate taxes, damage to the property and so forth.
Default Noun Synonyms: non-payment, delinquency
Default Verb Synonyms: failure, fault, defect, neglect, negligence, dereliction, lapse, oversight, non-performance, non-fulfilment, inaction
Business / Real Estate / Notice Of Default: A notice to a defaulting party announcing that a default has occurred. The defaulting party is usually provided a grace period during which to cure the default. Notices of default are frequently provi MORE
Business / Finance / Cross-Default: Describes the volatility of returns on international investments caused by events associated with a particular country as opposed to events associated solely with a particular economic or financial ag MORE