notice of default

Definition of "notice of default"
  1. A written statement alerting a party in a contract that they have failed to comply with a term or condition, often related to payment obligations in real estate contracts, leases, or other agreements
How to use "notice of default" in a sentence
  1. After missing three mortgage payments, John received a notice of default from his bank.
  2. The tenant received a notice of default after violating the no-pets clause in her lease.
  3. Upon failing to deliver goods as agreed, the company received a notice of default from their business partner.

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