der Verzug
Translation
delay, default, arrears
Examples
Der Lieferant ist in Verzug geraten.
The supplier has fallen into default.
Sie sind mit der Zahlung in Verzug.
You are in arrears with the payment.
Grammar Patterns
to be/fall in default/arrears (in Verzug sein/geraten) The company is in default on its loan.
Similar Words
Synonyms: die Verzögerung, die Verspätung, der Zahlungsrückstand (arrears)
Etymology
From Middle High German 'verzuc', related to 'verziehen' (to move away, delay). Think of 'ver-' (away) + 'Zug' (pull), a 'pulling away' from a deadline.
Memory Tips
This word is more formal/legal than 'Verzögerung'. Memorise the common phrases 'in Verzug sein' (to be in default) and 'in Verzug geraten' (to fall into default).