Waiver

Definition

A Waiver is the intentional relinquishment of a known right.

Purpose

The purpose of a waiver is to voluntarily give up a legal right or claim, often in the context of contracts, agreements, or legal proceedings. It is used to simplify transactions and avoid disputes.

Examples of Use

• Contract Agreements: A party may sign a waiver to relinquish the right to sue for damages.
• Event Participation: Participants in sports or recreational activities often sign waivers to acknowledge and accept risks.
• Legal Settlements: In a legal dispute, a waiver may be used to resolve the matter by giving up certain claims or rights.

Related Terms

• Release: An agreement to relinquish a claim or right.
• Consent: Permission for something to happen or agreement to do something.
• Indemnity: Security against legal responsibility for one's actions.

Notes

Waivers must be clear, voluntary, and made with full knowledge of the rights being relinquished to be legally enforceable. They are common in many areas of law and business.

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