Default Contract Clause Examples | Business Contracts - Justia
WEBThis page contains Default clauses in business contracts and legal agreements. We have organized these clauses into groups of similarly worded clauses.
default | Wex | US Law | LII / Legal Information Institute
WEBA default is a failure to fulfill an obligation. Defaulting is most common in regards to debtor-creditor law and contract law. Typically, a default leads to judicial proceedings or triggers the application of a separate contract provision.
Default vs. Breach: Everything You Need to Know - UpCounsel
WEBJan 1, 2024 · In contract law, a breach means the failure of a contracting party to perform their obligations according to the terms of the agreement. Default, according to the law of obligations and banking law, means to refuse to pay a debt when due.
Subpart 49.4 - Termination for Default - Acquisition.GOV
WEBAug 29, 2024 · (a) Termination for default is generally the exercise of the Government’s contractual right to completely or partially terminate a contract because of the contractor’s actual or anticipated failure to perform its contractual obligations.
Contract Basics: What is a “Default?” - Daffern Law Firm
WEBMay 28, 2020 · If one party fails to uphold its promise, it constitutes a default or breach of the contract. In this article, we’ll review defaults, contractor remedies, and some standard provisions you should include in your contracts to minimize the …
Contract Default Definition - Law Insider
WEBDefine Contract Default. means, other than any default arising out of a Service Default, (a) the failure of a Customer to make any Assigned Rental Payment or perform any obligation due under a Contract for a period of 60 days or (b) an Event of …
How To Avoid & Overturn Terminations For Default
WEBUnder the “Default” clauses for fixed-price supply and service and R&D contracts, the contractor’s failure to satisfy “other provisions” of the contract is also a ground for default termination.
Default: What It Means, What Happens When You Default, and …
WEBJun 29, 2024 · A default happens when a borrower fails to make required payments on a debt, whether of interest or principal. Find out what the consequences of default are.
Default Clause: Everything You Need to Know - UpCounsel
WEBSep 19, 2022 · A default clause is a provision in a legal contract that states what will happen if either party in a contract defaults or fails to hold up their end of the agreement. These clauses can be found in any type of contract including loan agreements, lease agreements, and property agreements.
Event Of Default: Definition, Examples, Vs. Default - Investopedia
WEBAug 1, 2022 · An event of default is a specific event or occurrence that allows the non-defaulting party the ability to terminate the contract or accelerate the debt owed by the defaulting party.