Fail occurs when two individuals involved in trading stocks or other investments fail to execute the trade on the agreed-upon day. This can transpire if one party fails to deliver the promised investment or if the other party neglects to make the payment. It can be likened to not completing homework by the deadline. Additionally, fail can also refer to a situation where a business or bank is unable to meet its financial obligations and consequently ceases operations.
In the world of securities brokers, the term “fail” is used to describe a situation where the delivery and payment of securities do not occur on the agreed-upon settlement date. This is also known as a fail contract. There are two types of fails: fail to deliver and fail to receive. Fail to deliver refers to when the selling broker fails to deliver the securities to the buying broker by the settlement date, while fail to receive occurs when the buying broker fails to receive the securities from the selling broker by the settlement date.
Additionally, “fail” can also be used as a verb with three different meanings. Firstly, it can mean to be unsuccessful or fall short of expectations, such as when a company fails to meet its sales targets. Secondly, it can mean to become bankrupt or insolvent, like when a business fails due to poor financial management. Lastly, it can mean to lapse or become invalid, as seen when a contract fails because one of the parties did not fulfil their obligations.
To provide examples, let’s consider three scenarios. In the first example, a broker agrees to sell 100 shares of a company to another broker for $10,000, with the settlement date set for two days later. However, on the settlement date, the selling broker fails to deliver the shares to the buying broker, resulting in a fail to deliver. In the second example, a broker agrees to buy 100 shares of a company from another broker for $10,000, with the settlement date set for two days later. However, on the settlement date, the buying broker fails to receive the shares from the selling broker, leading to a fail to receive. Lastly, in the third example, a company signs a contract with a supplier to deliver goods within a month. However, the supplier fails to deliver the goods within the agreed-upon time, demonstrating a fail to fulfil obligations.
These examples highlight how a fail can occur in the world of securities brokers and how it can also be used to describe other situations where there is a failure to fulfil obligations.
Yes, you can file a lawsuit against someone who fails to fulfill their contractual obligations. However, the outcome will depend on the specific terms of the contract and the evidence you have to support your claim.
Failing to pay child support can result in various consequences, including wage garnishment, suspension of driver’s license, seizure of tax refunds, and even imprisonment in some cases.
Yes, failing a drug test can be grounds for termination, as it may violate company policies or employment agreements. However, the specific circumstances and applicable laws may vary, so it is advisable to consult an employment lawyer.
Failing to appear in court can lead to serious consequences, such as a bench warrant being issued for your arrest, fines, or even imprisonment. It is crucial to attend all scheduled court hearings or seek legal advice if you are unable to do so.
Property owners have a duty to maintain a safe environment for visitors. If you fail to take reasonable steps to prevent accidents or warn visitors of potential hazards, you may be held liable for any resulting injuries or damages.
Failing to file taxes can result in penalties, including fines and interest charges on the unpaid taxes. The severity of the penalties will depend on factors such as the amount owed and the length of the delay.
Yes, failing to disclose a known defect when selling a property can lead to legal action by the buyer. It is essential to provide accurate and complete information about the property’s condition to avoid potential lawsuits.
Failing to obtain the necessary permits for construction projects can result in fines, stop-work orders, and even legal action. It is crucial to comply with local building codes and regulations to avoid potential penalties.
As a business owner, you have a responsibility to take reasonable measures to protect sensitive customer data. If you fail to implement adequate security measures and a data breach occurs, you may be held liable for any resulting damages or legal consequences.
Failing to comply with employment laws can lead to various consequences, including lawsuits, fines, penalties, and reputational damage. It is crucial for employers to understand and adhere to applicable labor laws to avoid legal complications.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 17th April 2024.
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