WAIVER CLAUSE Meaning and
Definition
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A waiver clause is a provision or section included in a legal contract or agreement that permits the parties involved to relinquish or renounce certain rights, claims, or privileges, usually under specified circumstances. This clause allows one party to waive their right to enforce or pursue legal action against the other party for any breaches or non-compliance with the terms of the contract.
A waiver clause serves as a safeguard for both parties, establishing that if one party fails to fulfill their obligations or breaches the contract, the other party can choose to ignore the violation and not take legal action. By doing so, the party relinquishes their right to compensation or legal recourse for that specific breach but maintains the ability to pursue other actions if future breaches occur.
Typically, waiver clauses are drafted in contract agreements to provide flexibility, promote good-faith negotiations, and encourage resolution through informal means before pursuing formal litigation. When invoking a waiver clause, parties are often required to provide clear and explicit written notice, expressly stating their decision to waive their rights.
It is important to note that a waiver clause does not absolve parties from their obligations entirely. It only allows them the discretion to choose whether to enforce their rights for a particular breach or allow the other party to rectify the issue and continue with the contract.
Common Misspellings for WAIVER CLAUSE
- qaiver clause
- aaiver clause
- saiver clause
- eaiver clause
- 3aiver clause
- 2aiver clause
- wziver clause
- wsiver clause
- wwiver clause
- wqiver clause
- wauver clause
- wajver clause
- wakver clause
- waover clause
- wa9ver clause
- wa8ver clause
- waicer clause
- waiber clause
- waiger clause
- waifer clause
Etymology of WAIVER CLAUSE
The term "waiver clause" is a compound word consisting of two parts: "waiver" and "clause". Here is the etymology of each component:
1. Waiver:
The word "waiver" derives from the Old Northern French term "weyver", which means "abandon" or "give up". It entered Middle English as "weyveren" in the 14th century, primarily used in the legal sense of relinquishing a right or claim. Over time, the spelling evolved to "waiver", and it has been used in legal contexts to refer to the voluntary surrender or abandonment of a legal right or privilege.
2. Clause:
The word "clause" has its origin in the Latin term "clausula", which means "a small break" or "part of a contract".
