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WordNet-Online
Definitions from WordNet | ||||
Definitions from the WebTerm: Default OnDescription:"Default on" is a phrasal verb that refers to the act of failing to meet a financial obligation or failing to fulfill a responsibility, typically in the context of a loan or agreement. It can occur when a borrower fails to make scheduled loan payments, resulting in a breach of contract. Senses and Usages:1. Default on a loan: When a borrower fails to repay a loan according to the agreed terms and conditions, they default on the loan. This can include missing payments, making late payments, or failing to pay back the loan altogether. Example: She defaulted on her mortgage loan after losing her job for several months. Related product: Loan Default Prevention Guide 2. Default on an agreement: When a party fails to fulfill their responsibilities or obligations as stated in a legal or contractual agreement, they default on the agreement. This can involve breaching terms, violating conditions, or not delivering the agreed-upon services. Example: The contractor defaulted on the construction agreement by not completing the project on time. Related product: Contract Law Essentials 3. Default on payment: When an individual or organization fails to make a required payment, such as a bill or invoice, they default on the payment. This can result in penalties, added interest, or legal actions to recover the outstanding amount. Example: The customer defaulted on their credit card payment and incurred additional fees. Related product: Effective Debt Collection Strategies 4. Default on duty: When a person fails to carry out their responsibilities or obligations in a particular role or position, they default on their duty. This can occur in various contexts like employment, military service, or civic responsibilities. Example: The employee was terminated for consistently defaulting on his job duties. Related product: Leadership & Accountability Related Products on Amazon: | ||||
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