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A waiver and a release are related legal concepts often used interchangeably, but they have distinct meanings. A waiver occurs when a party intentionally relinquishes their right to enforce a contract, usually after the other party has failed to fulfill their obligations. In this case, the party may choose to overlook the breach. Conversely, a release is when one party is excused from performing their contractual obligations before any performance begins. In essence, a waiver typically happens after a failure to perform, while a release is granted before any performance has taken place, highlighting the slight differences between the two concepts.
