Definition, Meaning & Synonyms
default
noun / verb
/dɪˈfɔlt/
Definition
The failure to fulfill a duty or obligation, such as not making a payment.
Examples
- If you fail to make the payment, it could result in a default on your loan.
- The company went into default after missing several payments.
Meaning
Default refers to a situation where a person or organization does not meet a contractual obligation, which may involve failing to make payments on a loan or not complying with agreed terms.
Synonyms
- failure
- nonpayment
- neglect
