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A waiver and a release are related legal concepts often used interchangeably in contracts, but they have distinct meanings. A waiver occurs when one party intentionally relinquishes their right to enforce the contract, usually after another party fails to meet their obligations. In contrast, a release happens before any performance begins, allowing one party to be exempt from their contractual obligations. While both involve the alleviation of responsibilities under a contract, a waiver typically follows a breach, whereas a release preemptively frees a party from their duties.