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In this video tutorial, Michelle explains the concept of a waiver. A waiver is defined as the present relinquishment of a known right, which means that for a waiver to be valid, it must involve a right that the individual currently possesses, not a future right. The individual must also be aware of the right they are waiving, and this should be clearly stated in the document before signing. Waivers can arise in various contexts, such as banking documents or settlement agreements involving claims. In essence, signing a waiver means you are willingly giving up a known right.