Notice of Default (Notificación de Incumplimiento)

[Spanish Form with English Translation] A Notice of Default is simply a communication to another person or entity informing them that they have defaulted on an obligation within an agreement. Generally agreements are fairly specific regarding what the non-defaulting party is required to do and how they may proceed. For example, your agreement may require that you notify the defaulting party of their default and allow them 5 days to correct. Other agreements may allow you to terminate the agreement immediately and demand immediate payment of any account balance. (continued ...)