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In this tutorial, Michele explains that a waiver is a present relinquishment of a known right. It can come up in various documents, such as those with your bank or in settlement claims. For a waiver to be valid, it must be a right you currently possess, you must be aware of what you are waiving, and it needs to be clearly stated in the document before you sign it. Make sure you understand what you are giving up before agreeing to waive any rights.
