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What is a Default?

In a contract, a default refers to a situation where one party (the defaulting party) fails to fulfill their obligations as outlined in the agreement. An example would be when a borrower fails to make their mortgage payments for a certain period of time.

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We use this word in our business when somebody is a defaulter and runs away. In a property region, default means it's a situation where one party fails to fulfill their obligations.

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