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Business Dictionary :
Default
Default
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Default : noun : failure to carry out the terms of a contract, especially failure to pay back a debt
In default of payment = with no payment made
• The company is in default = the company has failed to carry out the terms of the contract.
By default = because no one else will act
• He was elected by default = he was elected because all the other candidates withdrew.
NOTE : no plural
Default : verb : to fail to carry out the terms of a contract, especially to fail to pay back a debt
• To default on payments = not to make payments which are due under the terms of a contract
Defaulter : noun : person who defaults