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In the context of a lender and borrower relationship, the notice of default is the first step taken by the lender when a borrower has failed to make their payments as agreed. In other businesses, it is also sent to a contractor who has failed to perform a service they were obligated to do.
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In real estate, lenders issue a notice of default in non-judicial foreclosure states when the borrower fails to pay as agreed. A notice of default is a simple document used in a variety of situations to give notice to a person (often a borrower or contractor) that they have failed to perform in accordance with their contract.