Debtor default

Debtor default is a specific consequence of delay. In Swiss obligations law, it generally requires a due and enforceable obligation, non-performance by the debtor, and a reminder or equivalent trigger, unless the due date or circumstances make notice unnecessary. Default can lead to default interest, liability for damage caused by delay and, in reciprocal contracts, additional remedies after a grace period. The debtor may avoid liability for damages by showing lack of fault, but default interest on monetary debts is typically owed by operation of law.