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In this video tutorial, Michelle discusses waivers, explaining that a waiver is a relinquishment of a known right, which must meet several criteria to be valid. A waiver refers to rights that one currently possesses, not future rights. It must be a present and knowing decision, meaning the individual must fully understand what rights they are waiving, and this should be clearly stated in the document. Essentially, a waiver involves giving up an existing entitlement when signing a document that requests it.