— Also termed fail contract.
fail to deliver. The nondelivery of securities from a selling broker to a buying broker by the settlement date.
fail to receive. The failure of a buying broker to receive delivery of securities from the selling broker by the settlement date.
fail, vb.
1. To be deficient or unsuccessful; to fall short (they failed to settle the dispute).
2. To become insolvent or bankrupt (two banks failed last week).
3. To lapse (the bequest failed as a result of ademption).