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A waiver and a release are related legal concepts often used interchangeably. A waiver occurs when a party intentionally relinquishes their right to enforce a contract, typically after the other party has failed to fulfill their obligations. For example, if there is an agreement and one party does not perform as promised, the affected party may choose to waive that failure. In contrast, a release involves one party being exempt from their contractual obligations before any performance has begun. Essentially, while both terms deal with obligations under a contract, a waiver usually takes effect after a failure, whereas a release occurs prior to performance.
