Meaning & Definition of word "Nonpayment"

Nonpayment

/nɒnˈpeɪmənt/

1. The failure to make a payment or fulfill a financial obligation.
- Example: The landlord decided to evict the tenant due to nonpayment of rent.
2. An instance or act of not paying what is due.
- Example: The company faced legal action because of repeated instances of nonpayment to its suppliers.
3. The state of being unpaid or not settled financially.
- Example: The nonpayment of the loan has significantly affected the borrower's credit rating.
4. A reason for service interruption or cancellation based on lack of payment.
- Example: Customers were warned about potential service disruption due to nonpayment of their bills.
5. A term used in contracts and agreements to indicate failure to execute payment terms.
- Example: The contract included a clause addressing the consequences of nonpayment.

The term derives from 'non-' meaning 'not' and 'payment', referring to the absence of payment.

nonpayment notice:

A formal notification sent to inform a debtor that a payment has not been received.

nonpayment clause:

A provision in a contract that outlines the consequences of failing to make payments.

notice of nonpayment:

A document sent to indicate that payment has not been made according to the agreed terms.

debt:

An amount of money that is owed to a lender or creditor.

charge-off:

A declaration that a debt is unlikely to be collected.

collection:

The process of pursuing payments of debts owed by individuals or businesses.

Meaning: Not ponying up

Example Sentence: He was notorious for not ponying up on time.

Meaning: Skipping out on a bill

Example Sentence: After the party, they ended up skipping out on the bill.