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Essentially, a waiver removes a real or potential liability for the other party in the agreement. For example, in a settlement between two parties, one party might, by means of a waiver, relinquish its right to pursue any further legal action once the settlement is finalized.
/ˈweɪ.vɚ/ an agreement that you do not have to pay or obey something: We had to sign a waiver, giving up any rights to the land in the future.
As mentioned before, waiving a loan means that the lender will no longer ask for repayment from the borrower. The burden of the unpaid amount of the loan will be completely borne by the lender, and no attempt will be made by them to recover the amount.
Types of Waivers Waiver of Liability. A waiver of liability is a provision in a contract by which any person participating in an activity forfeits the right to sue the organization conducting the activity in case of injuries. Waiver of Premium. Waiver of Subrogation. Loan Waiver.
To waive is to forego something. It is an act of voluntarily giving up a right, and can apply to a variety of legal situations including knowingly giving up a legal right such as a speedy trial, a jury trial, giving up some rights in a settlement talk, or not enforcing a term of contract.
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: the act of intentionally relinquishing or abandoning a known right, claim, or privilege. also : the legal instrument evidencing such an act. : the act of a clubs waiving the right to claim a professional ball player who is being removed from another clubs roster.
Waiver is a doctrine by which a party can give up its legal rights (especially contractual rights) or, more rarely, give up immunities (such as privilege from disclosure, or diplomatic and sovereign immunity from suit).
/ˈweɪ.vɚ/ an agreement that you do not have to pay or obey something: We had to sign a waiver, giving up any rights to the land in the future.

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