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In this video tutorial, Michelle explains the concept of a waiver. A waiver refers to the present relinquishment of a known right, which may arise in various documents, including those related to banking or claims settlements. For a waiver to be valid, it must meet several criteria: it should involve a current right that the individual possesses, rather than a future possibility; the individual must have a clear understanding of what they are waiving; and this information must be explicitly stated in the document signed. Thus, signing a waiver means consciously giving up an established right.