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A waiver and a release are related legal concepts often used interchangeably. A waiver occurs when one party intentionally foregoes their right to enforce a contract, typically after the other party fails to meet their obligations. In this case, the waiving party chooses to overlook the failure. Conversely, a release involves one party being excused from their obligation to perform under the contract, often before any performance begins. Thus, while both terms relate to contractual obligations, a waiver typically follows a breach, whereas a release is granted prior to any action taken under the contract.
