Management Glossary

  Search Results: default
The failure to meet any of the conditions of a contract. Those conditions can, but don't have to be financial ones. For example, failure to make a payment stipulated in a contract would be a default, but so would the failure of someone renting a piece of equipment to keep the machine in good working order when the rental contract requires that the renter do so.
Contributed by: Managerwise Staff

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