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A waiver and a release are closely related legal concepts often used interchangeably, but they have distinct meanings. A waiver occurs when one party intentionally relinquishes their right to enforce a contract, typically after the other party fails to perform their obligations. In contrast, a release is when one party is freed from their obligation to perform the contract, usually before any performance has begun. Thus, while both terms deal with obligations under a contract, a waiver typically follows a failure to act, whereas a release occurs prior to the performance of the contract.