Nonpayment
(noun)
The failure or refusal to pay a debt or obligation.
Origin:
Non- + payment.
Examples:
- Nonpayment of rent can result in eviction.
- The company is facing legal action due to nonpayment of debts.
- The nonpayment of taxes can result in fines and penalties.
- Nonpayment of bills can lead to termination of services.
- The bank may take legal action if there is nonpayment of loans.