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Define: Major Default

The meaning of “Major Default” differs based on where it is used. We list many below, then combine them into one or more market-standard definitions.

Which definition should you use?

🤔 has combined and improved the above descriptions to create market-standard 'Genie definitions' below, with guidance on which documents and which industry to use for each.

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What is the most popular definition of 'Major Default'?

a failure by the Mutual in accordance with clause 22 that is of a serious nature and which has, or is likely to have a significant impact on the delivery of the Services to the Service Users;