Nevada Default is a legal term used to describe a situation in which a person or business fails to meet their obligations under a contract or agreement. There are two types of Nevada Default: material default and immaterial default. Material default occurs when the party fails to fulfill a material term of the contract or agreement. This could include failure to make payments on time, providing goods or services not in compliance with the agreement, or not performing any other obligation stated in the contract. Immaterial default occurs when the party fails to fulfill an immaterial term of the contract or agreement. This could include failure to provide full disclosure in the contract, failure to meet certain performance standards, or any other minor breach of the contract. When a Nevada Default occurs, the defaulting party may be subject to legal action, depending on the terms of the contract or agreement.