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A waiver and a release are closely related legal concepts often used interchangeably in contracts. A waiver occurs when a party intentionally gives up their right to enforce the contract, usually after the other party fails to fulfill their obligations. In this case, the waiving party decides not to hold the other accountable for the failure. Conversely, a release allows one party to be exempt from performing the contract before they begin their obligations. Thus, while both terms pertain to the relinquishing of contractual obligations, a waiver typically happens post-failure, while a release occurs prior to any performance.