The defaulting party shall be liable for all damage compensation.

违约方应当承担全部损害赔偿责任。

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The notice may be served at any time that the Defaulting Party remains in default.

这个通知可以在渎职方产生渎职行为的任何时间出示。

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A provision in a contract allowing a defaulting party to fix the cause of a default, for example a repayment grace period.

合同中允许违约方确定违约原因的条款，如还款缓期。

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Among other things, clearing improves transparency, makes it harder for counterparties to avoid stumping up the right amount of collateral and provides an insurance policy against losses to the non-defaulting party to a trade.

ECONOMIST: The risk in clearing-houses

And yet, we are to believe that a Republican party that was afraid of going over the fiscal cliff is totally fine with defaulting on the national debt?

FORBES: Move up http://i.forbesimg.com t Move down