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In this tutorial, Michelle explains the concept of a waiver. A waiver is a relinquishment of a known right, often found in legal documents related to banks or settlements. For a waiver to be valid, it must meet several criteria: it must involve a present right that the individual holds, rather than a future one; the individual must be fully aware of what rights they are waiving; and the specific right being waived should be clearly stated in the document prior to signing. Essentially, when signing a waiver, you are consciously giving up a present, known right.