Default
The failure of a buyer or borrower (or its guarantor) to make contractually due payments, whether of principal or of interest. The term can also refer to a situation where a contractor or exporter is in breach of a contract.
The failure of a buyer or borrower (or its guarantor) to make contractually due payments, whether of principal or of interest. The term can also refer to a situation where a contractor or exporter is in breach of a contract.