notice of default
- 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
- After missing three mortgage payments, John received a notice of default from his bank.
- The tenant received a notice of default after violating the no-pets clause in her lease.
- Upon failing to deliver goods as agreed, the company received a notice of default from their business partner.
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