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In this video tutorial, Michele discusses the concept of waivers. Waivers can appear in various documents, including those related to banks and settlements. A waiver involves relinquishing a known right that the individual currently possesses, not a future right. It is essential to understand what is being waived and for it to be clearly stated in the document before signing. Waivers require a present relinquishment of a known right for them to be valid.