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A waiver and a release are related legal concepts often used interchangeably, but they differ slightly. A waiver occurs when a party intentionally gives up their right to enforce a contract, typically after the other party has failed to meet their obligations. For instance, if an agreement is in place and one party does not fulfill their duties, the other party can choose to waive that failure. In contrast, a release happens when one party does not have to fulfill their contractual obligations, usually before any performance has started. Thus, while both terms involve relinquishing rights, waivers arise after a failure to perform, whereas releases are established prior to any performance.