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A waiver is a demonstration, usually in written form, of a partys intent to relinquish a legal right or claim. The key point to note is that the relinquishment is voluntary, and can apply to a variety of legal situations. Essentially, a waiver removes a real or potential liability for the other party in the agreement.
Under a waiver of exemption, a consumer relin quishes the right granted under state law to protect his or her home (a right known as the homestead exemption), possessions, or wages from seizure to satisfy a judgment.
The homestead exemption typically protects a certain amount of the value or equity in a primary residence from creditors and sometimes property taxes. By waiving this right, homeowners may expose their property to increased risk of loss in situations such as debt collection or bankruptcy proceedings.
FDA has the authority to grant waivers, exceptions and exemptions from certain requirements in section 582 of the Food, Drug and Cosmetic Act (FDC Act), as appropriate.
Children are exemptions, or deductions, on tax forms; the more children you have the less taxes you pay. Some non-profits are tax-exempt; their exemption means they pay no taxes at all. Exemptions also spare people from fighting in wars and doing some jobs.
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An exception excludes specific cases from a rule, while a waiver represents the voluntary choice to give up a right. The reason for an exception is often practical, allowing for fairness in specific situations, while waivers are usually based on individual agreements between parties.

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