The Default Clause in GAFTA (Grain and Feed Trade Association) contracts is a critical component that outlines the procedures and consequences if one party fails to fulfill their contractual obligations. Understanding this clause is essential for anyone involved in international trade of grain and feed commodities. This clause typically specifies what constitutes a default, the notice requirements for default, the remedies available to the non-defaulting party, and any penalties or compensation due. Knowing how to handle a default situation, including steps for resolution and potential legal actions, can significantly impact the outcome of the contract and minimize losses.