What are the legal implications of a party to a commercial lawsuit failing to appear or respond after proper notification?

If one of the parties to the lawsuit is served in person or through their legal representative, or if either of them attends any hearing before the court, or submits a statement of defense, the proceedings shall be deemed to have been conducted in the presence of the party, even if they fail to appear thereafter. Their failure to respond despite being served may affect the progress of the lawsuit and render it ready for judgment, in order to prevent harm.