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English definition of “default”

default

noun [C or U]     /dɪˈfɔːlt/
FINANCE the fact of not paying interest or other money that is owed on time: Many experts say a default would raise interest rates in the future because the government would be seen as a higher-risk borrower. Any default on the interest payments will have serious consequences. Creditors are frequently obliged to terminate the consumer credit agreement because the debtor is in default.
LAW the fact of not keeping to an agreement or contract: There will be a joint government review of the agreement if there is any default.
IT the way that something will happen or appear automatically, especially on a computer, if you do not make any different choices: Checking this box means that your computer will now use this printer as the default. The default is to provide a statement monthly. This is the default setting, but you can change it by going to the Options menu. We recommend using the defaults that are already set.
by default happening or done because no formal choice or decision has been made: The fear was that unless IAS was adopted, US accounting principles would become the world standard by default.
(Definition of default noun from the Cambridge Business English Dictionary © Cambridge University Press)
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