noun

failure to fulfil an obligation, especially to repay a loan or appear in a law court.

the company will have to restructure its debts to avoid default

non-payment,failure to pay,non-remittance,welshing,bilking,levant

verb

fail to fulfil an obligation, especially to repay a loan or to appear in a law court.

the dealer could repossess the goods if the customer defaulted

fail to pay,not pay,renege,fail to honour,back out,backtrack,backslide,break one’s promise/word,go back on one’s word,welsh,bilk