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In this tutorial, Michelle explains the concept of a waiver. A waiver appears in various documents, often concerning banks or settlements related to claims. For a waiver to be valid, it must include specific elements: it represents a present relinquishment of a known right, meaning the right must be current and not a potential future right. The individual must also be aware of what they are waiving, which should be clearly stated in the document before signing. Essentially, signing a waiver means you are voluntarily giving up a right that you currently possess.