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1. A generic term used to refer to the failure by Party A to comply with the terms of its contract with Party B. The existence of a default is a condition precedent to a secured party exercising remedies against a debtor under the Uniform Commercial Code, though the term is undefined as a matter of statute. The parties must specify by contract the parameters of any defaults.

Printed from http://uccstuff.com?function=display&id=ID040200.