default

Definition 1

General: Failure to do something required by an agreement, in the performance of a duty, or under a law.

Definition 2

Borrowing: Failure to meet the terms of a loan agreement. Its two types are (1) Fiscal: Failure to make repayment on the due date. Generally, if a payment is 30 days overdue, the loan is in default. (2) Covenantal: Failure to live up to one or more covenants of the loan agreement such as exceeding the prescribed total borrowings.

Definition 3

Computing: Attribute, option, or value assumed by a computer when a user has not chosen or supplied any. Computer's choice is based on how the elements of a software or the settings of a hardware have been arranged by the manufacturer, or customized by the user.

Definition 4

Contractual: Failure to comply with the terms of a contract. Most contracts make provisions for handling defaults by including the conditions or procedures for arbitration, compensation, or litigation.

Definition 5

Legal: Failure to do something required under a legislation or as ordered by a court, such as not making an appearance to answer charges.