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In this tutorial, Michelle explains the concept of a waiver. A waiver is a legal document that involves the voluntary relinquishment of a known right. For a waiver to be valid, it must involve several elements: it must be a present relinquishment, meaning it's a right that the individual currently holds, not a future right; it must be knowing, indicating that the individual understands what they are waiving; and it must pertain to an actual right that the individual possesses. The terms of the waiver should be clearly outlined in the document before signing. Waivers often arise in banking documents or during settlement claims.