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In this episode of "Minute Law" with Maria Spear Ollis from Spear IP, the focus is on the concept of a waiver in contract law, part of the "What's in My Contract" series. A typical waiver clause states that waiving the enforcement of a term does not mean waiving the right to enforce it in the future. Maria explains this with a scenario: if a contract allows for a late fee and a client usually pays on time but misses a payment one month, the business owner may choose not to enforce the late fee that month. However, the waiver clause clarifies that not enforcing the fee once does not prevent the owner from enforcing it later if the client continues to pay late.
