Okuzeka
Contract & Commercial Law vocabulary · Contract Terms & Clauses

Waiver

Meaning in contract & commercial law, with examples

/ˈweɪvə/nounCommon term

In contract & commercial law, waiver means: The giving up of a legal right or claim, either expressly in writing or through conduct, so that it can no longer be enforced.

In Turkish: feragat, haktan vazgeçme

How it is used

Most contracts contain a 'no waiver' clause saying that a delay in using a right is not a waiver of it. The verb is 'waive': 'waive a fee', 'waive a condition', 'waive a right'. In banking and customer relations, a waiver is also an exemption from a fee or rule.

Example sentences

  1. Accepting a late payment once is not a waiver of our right to charge interest.

  2. The buyer agreed to waive the condition so that closing could take place on time.

Common collocations

  • no waiver clause
  • waive a right
  • written waiver
  • waiver of claims
  • amendmentA change made to the text of a signed contract, usually agreed in writing by all the parties.
  • conditionAn essential term of a contract whose breach allows the other party to terminate; also an event that must happen before an obligation starts or that brings it to an end.
  • clauseA numbered section of a contract that deals with one specific subject, such as payment, confidentiality or termination.
  • settlementAn agreement that ends a dispute or lawsuit, usually with one party paying an agreed amount and both sides dropping their claims.

More terms: Contract Terms & Clauses

Practise with graded reading

Reading at the right level is the fastest way to make new words stick. Pick free English books by level:

This page explains English vocabulary for learners. It is not legal advice.