The phrase "default of payment" is correct and usable in written English.
This phrase is typically used in legal or financial contexts to describe a situation where a party has failed to make a required payment. Here is an example of how it could be used in a sentence: "The vendor threatened to take legal action against the buyer for default of payment on the contract."
Default of payments on debts by a secured note may require the borrower to forfeit the items in lieu of payment.
lost confidence in the "effectiveness, stability and predictability" of American political institutions because the Teapartistas showed that they were willing to cause our government to default on payment of Treasury bonds if they did not achieve their political goals — weakening the social safety net and protecting the rich from paying even one dollar more in taxes.
A populist who often criticized President Carlos Menem's free-market reforms in the 1990's, Mr. Duhalde supported President Rodríguez Saá's unavoidable announcement last week that Argentina would default on payments of its crushing $132 billion foreign debt, the largest such default ever by a sovereign debtor.
Six members of Parliament feature in the list of 405 present and former members who have defaulted on payments of their telephone bills to the Mahanagar Telephone Nigam.
But in recent days there has been growing attention on a few economists and financiers who have been arguing that it would be all right to miss the deadline — and even, a few of them say, default on payments to the nation's bondholders.
(Those whose phones did not work were considered at high risk of defaulting on payments).
(Such facilities frequently auction the contents of storage containers after renters default on payments).
We are not called upon to consider the effect of default in payment of any portion of the purchase money.
Home lenders argue they are justified in charging high rates of interest to compensate for the extra risk of borrowers defaulting on payments, and some borrowers may have no choice but to borrow from them.
At that stage calculations on the risk presented to the taxpayer of the bidders defaulting on payments to run the line was changed to favour FirstGroup.
