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A waiver and a release are closely related legal concepts often used interchangeably. A waiver occurs when a party intentionally gives up their right to enforce a contract, typically after the other party has failed to meet their obligations. For example, if there is an agreement and one party does not fulfill their duties, the other party may waive this failure. Conversely, a release occurs before any party has started to perform their contractual obligations, meaning one party is excused from fulfilling their part of the contract. While both terms relate to the relinquishment of obligations, they apply at different stages in the context of contract performance.