default

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default,

n 1. an omission of that which should be done.
v 2. to fail to fulfill an obligation or a promise.
References in periodicals archive ?
If the surety bond is drawn down below 67% of its initial value, the supplier will take over the remarketing of the gas of the defaulting participant, until the current reserve subaccount is restored to its required initial balance.
2% compared with 2002 and the number of companies defaulting on their bond obligations fell 39%.
Further, the number of companies defaulting on their bond obligations fell to six from ten in September.