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In this tutorial, Michele explains the concept of a waiver, which often appears in various documents such as those from your bank or settlement claims. A waiver is a present relinquishment of a known right, meaning you must be aware of the right you are giving up at the time of signing. It should clearly state the right being waived and be a right you currently possess, not a future one. It is important to understand and consider these elements before signing any document requiring a waiver.