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A waiver and a release from obligations under a contract are closely related but distinct concepts often used interchangeably in legal documents. A waiver occurs when a party intentionally gives up their right to enforce the contract, typically after the other party has failed to perform their obligations. In this scenario, the aggrieved party waives the other party's failure. Conversely, a release happens when one party is freed from their obligation to perform before any actions under the contract have begun. Essentially, a waiver focuses on forgoing enforcement after a breach, while a release pertains to relieving a party from the need to perform from the outset.