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In this tutorial, Michelle discusses waivers, defined as the present relinquishment of a known right. She explains that waivers often appear in documents related to banking or settlement claims. For a waiver to be valid, it must meet several criteria: it must be a right currently possessed (not a future possibility), it must be knowingly relinquished, and this relinquishment should be clearly stated in the document before signing. Essentially, when you sign a document requesting a waiver, you are giving up an existing right that you are aware of.