Nonpayment

/nɒnˈpeɪmənt/

Meaning & Definition

noun

The failure to make a payment or fulfill a financial obligation.

The landlord decided to evict the tenant due to nonpayment of rent.

An instance or act of not paying what is due.

The company faced legal action because of repeated instances of nonpayment to its suppliers.

The state of being unpaid or not settled financially.

The nonpayment of the loan has significantly affected the borrower's credit rating.

A reason for service interruption or cancellation based on lack of payment.

Customers were warned about potential service disruption due to nonpayment of their bills.

A term used in contracts and agreements to indicate failure to execute payment terms.

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.

Not ponying up

He was notorious for not ponying up on time.

Skipping out on a bill

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