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A waiver and a release are closely related legal concepts often used interchangeably but have distinct meanings. A waiver occurs when a party intentionally relinquishes their right to enforce a contract, typically after one party has failed to fulfill their obligations. Conversely, a release happens when one party is no longer required to perform their contractual duties, usually before any performance has begun. While both terms relate to the modification or non-enforcement of contract obligations, a waiver typically follows a breach, while a release can precede any performance.
