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A waiver and a release are closely related legal concepts often used interchangeably. A waiver occurs when a party intentionally relinquishes their right to enforce the contract, typically after the other party has failed to perform their obligations. In contrast, a release pertains to a situation where one party is no longer required to fulfill their contractual duties, usually before any performance has begun. Thus, while both terms relate to contract obligations, a waiver is typically applied after a breach, whereas a release is established prior to performance.