👉 Nonrecourse is a legal concept in contract law that refers to situations where one party or party's performance of a contract is not required by law, as per a specific court decision. This means that if a party fails to perform their obligations under a contract, they can still seek a remedy from the other party or through an arbitration process. The term "nonrecourse" comes from the Latin word "non", meaning "not". It implies that the failure of one party to fulfill their contractual
