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Waivers and releases are closely related legal concepts often used interchangeably, but they have distinct meanings. A waiver occurs when a party intentionally gives up their right to enforce a contract, typically after the other party fails to fulfill their obligations. In this case, the waiving party forgives the other party's non-performance. Conversely, a release involves one party being exempted from performing their contractual duties, usually before any performance has started. While both terms pertain to the relief from contract obligations, the key difference lies in the timing of when these rights are relinquished—waivers occur after non-performance, while releases occur before.
