Contractual Waiver

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A Contractual Waiver is a Legal Agreement that nullifies certain contractual obligations or rights.



References

2024a

2024b

  • (ContractKen, 2024) ⇒ https://www.contractken.com/glossary/waiver. In: ContractKen Glossary. Retrieved: 2024-08-18.
    • QUOTE: A waiver refers to the voluntary relinquishment or abandonment of a right or claim by one party. It is a common legal term that holds significant importance in commercial contracts. This article will provide a concise overview of the definition of waiver, offer a couple of examples of how it is handled in commercial contracts, and highlight the key elements to consider while drafting a waiver clause.

      In the context of contracts, a waiver is an intentional act by which a party voluntarily gives up a right or claim. It is typically expressed in writing or through the conduct of the party. A waiver can be temporary or permanent, and it often requires consideration (i.e., something of value exchanged between the parties).

      Key elements of a well-drafted Waiver Clause:

      • Scope of Waiver: Clearly defining the specific rights, privileges, or claims being waived, and any limitations or exceptions to the waiver.
      • Voluntary and Informed Nature: Establishing that the waiver is being granted voluntarily and with full knowledge and understanding of the rights being relinquished.
      • Consideration: Specifying any consideration or exchange of value received in return for granting the waiver, if applicable.
      • Non-Waiver Provisions: Including language clarifying that the waiver is limited to the specific circumstances outlined and does not constitute a waiver of any other rights or future claims.
  • Severability: Ensuring that the waiver clause can be severed from the rest of the contract if found to be unenforceable, without affecting the validity of the remaining provisions.

2023

  • (Denne, 2023) ⇒ Alex Denne (2023). "Use a Waiver". In: Genie AI Blog.
    • QUOTE: Definitions:
      • Waiver: An official document signed by two or more parties in order to release, cancel, or forgo a right or obligation.
      • General Waiver: A document used to waive rights or obligations in a general sense.
      • Waiver of Liability: A document used to waive liability for any damages that may arise from an event or agreement.
      • Waiver of Rights: A document used to waive certain rights due to one or more parties.
      • Waiver of Claims: A document used to waive any claims that may be made against one or more parties.
    • Definition of “Waiver”
      • Understand what a waiver is: a legal document that explicitly states the relinquishment of a right or privilege
      • Learn the two types of waivers: voluntary and involuntary waivers
      • Find out the purpose of a waiver: to protect a person or organization from legal consequence
      • Know how a waiver is created: by signing a document that acknowledges the waiver of a legal right
      • Recognize the effects of a waiver: the waiver must be legally binding and cannot be revoked

2022