Business, Legal & Accounting Glossary
n. the intentional and voluntary giving up of something, such as a right, either by an express statement or by conduct (such as not enforcing a right). The problem which may arise is that a waiver may be interpreted as giving up the right to enforce the same right in the future. Example: the holder of a promissory note who several times allows the debtor to pay many weeks late does not agree to waive the due date on future payments. A waiver of a legal right in court must be expressed on the record.
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This glossary post was last updated: 27th April, 2020 | 0 Views.