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A waiver and a release are closely related legal concepts, often used interchangeably. A waiver occurs when a party intentionally relinquishes their right to enforce the terms of a contract, typically after the other party fails to fulfill their obligations. In contrast, a release involves one party being excused from performing their contractual obligations before any performance has begun. While both concepts address obligations under a contract, a waiver generally refers to situations after a failure to perform, while a release pertains to obligations that are not required from the outset.