Contracts describe the things that all parties to a contract must do and the actions of each party depend on the actions of another party. For example, a company that retains a contract with a waste management company could agree to subordinate the company to waste removal. When a party violates the contract, it is called “delay” and may, depending on the contractual conditions and the duration of the delay, cancel the contract or give the other party the right to terminate the contract. The three most common events, as defined by the International Derivatives and Exchange Association (ISDA), are 1) declaring bankruptcy, 2) late payment and 3) restructuring the debt. . . .