Definition of "Waiver"

Tammy Springer
Tammy Springer Real Living Kee

Deliberately and voluntarily giving up or delaying a claim or right arising from a contractual agreement or surrounding circumstances. An example is when a lender waives his right to receive a $10,000 monthly payment on June 30, and agrees to delay receipt of such payment for one month. Another example is when a bank waives its right to foreclosure on a house.

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