What Does “Waiver” Mean in a Contract?
The voluntary giving up of a known right or claim, often used to release parties from liability.
Detailed Explanation
A waiver is the intentional abandonment of a right. When you sign a waiver, you're agreeing not to exercise certain rights - typically the right to sue for specific issues. Waivers are common in contracts involving risk.
"No waiver" clauses are equally important - they say that if one party doesn't enforce a right once, they haven't permanently given it up. Accepting late payment once doesn't waive the right to demand on-time payment later.
Example in a Contract
“Participant hereby waives any and all claims against Organizer arising from participation in the Event, except for claims arising from Organizer's gross negligence or willful misconduct.”
Why It Matters
Signing a waiver means giving up your ability to make certain claims. Read waivers carefully - you may be giving up more rights than you realize. Note any exceptions (like gross negligence) that preserve some rights.
Related Terms
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