/dɪˈfɔːltɪŋ ˈpɑːrti/ – Phrase
Definition: 1. bên không thực hiện nghĩa vụ, bên vỡ nợ;
2. bên vắng mặt, bên không đến hầu tòa.
A more thorough explanation: A “defaulting party” refers to a party in a contract or agreement who fails to fulfill their obligations or meet the terms and conditions specified in the contract. This failure to perform can lead to legal consequences, such as penalties, damages, or termination of the contract.
Example: In the event of a breach of contract, the defaulting party shall be liable for all damages incurred by the non-defaulting party.