Formal notice issued by one party to a contractual agreement to another party that has breached its contractual obligations. Many contracts define the process through which the agreement may be terminated and often the issue of a default notice is an important stage in allowing the other party a reasonable time to meet their contractual obligations. See also Contract, Termination of and Show Cause.« Back to Glossary Index
Discover the world’s largest Glossary of Procurement terms
With over 800 Procurement specific terms (and growing) you will find everything you need to know or thought you knew about the Procurement function. Our aim is to provide you with a comprehensive list collated from the Comprara Groups hub of training and consulting source materials.The Procurement Glossary has been compiled by industry expert Paul Rogers.