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A waiver and a release are related legal concepts often used interchangeably in contracts. A waiver refers to a party intentionally giving up their right to enforce the contract, typically occurring after one party fails to fulfill their obligations. In contrast, a release occurs before any party has begun to perform, signifying that one party is no longer obligated to fulfill their contractual duties. While both concepts relate to obligations under a contract, waivers generally happen post-failure, while releases occur pre-performance, reflecting their slight distinctions.