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Default stands for:

  • generally the delay of a due performance, debtor default , see breach of contract
  • Delay in delivery specifically with regard to the goods or services
  • specifically with regard to the compensation for late payment
  • the refusal of the creditor to provide a power to accept, creditors default , see default of acceptance
  • in procedural law, a delay in taking action, see danger in arrears

See also:

Wiktionary: Default  - explanations of meanings, word origins, synonyms, translations