Definition

1. Noun:
   • The deliberate act of failing to pay money that is owed: "Nonpayment" refers to the intentional act of not paying a debt, bill, or financial obligation.
   • Loss resulting from failure of a debt to be paid: It can also describe the financial loss incurred when a payment is not made.
   • Act of failing to meet a financial obligation: This is the general act of defaulting on any kind of monetary commitment.

Usage Examples

• Noun:
  • The company faced legal action due to nonpayment of its taxes.
  • Nonpayment of rent for three months can result in eviction.
  • The contract includes penalties for nonpayment.

Advanced Usage

• "In nonpayment of": used in formal or legal contexts to specify the obligation that was not paid.
  • He was sued in nonpayment of a loan.
• "Risk of nonpayment": a common phrase in finance and credit, referring to the possibility that a debtor will not pay.
  • The bank assesses the risk of nonpayment before issuing a credit card.

Variants and Related Words

• Default (n): failure to fulfill an obligation, especially to repay a loan.
  • The borrower went into default after six months of nonpayment.
• Delinquency (n): a failure to pay an outstanding debt by the due date.
  • The account was marked for delinquency following nonpayment.

Synonyms

• Failure to pay
• Default
• Non-remittance

Antonyms

• Payment
• Settlement
• Remittance

Related Phrases

• Nonpayment clause: A section in a contract detailing the consequences of not paying.
  • The nonpayment clause states that interest will accrue on the overdue amount.
• Notice of nonpayment: A formal notification sent to inform a party that payment has not been received.
  • The landlord sent a notice of nonpayment to the tenant.

Noun

1. the deliberate act of failing to pay money
   • his evasion of all his creditors
   • he was indicted for nonpayment
2. loss resulting from failure of a debt to be paid
3. act of failing to meet a financial obligation