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GLOSSARY

Waiver definition

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What does Waiver mean?

In the law of contract, the term 'waiver' is most commonly used to denote the granting of a concession by one party to a contract by not insisting on the precise performance by the other party of a duty under the contract, whether before or after any breach of the term waived.

Alternatively, waiver is seen as a party giving up its rights to take action or enforce its rights under a contract and thereby obliging the other party to perform its obligations.

Commercial

In the law of contract, the term 'waiver' is most commonly used to denote the granting of a concession by one party to a contract by not insisting on the precise performance by the other party of a duty under the contract, whether before or after any breach of the term waived.
Alternatively, waiver is seen as a party giving up its rights to take action or enforce its rights under a contract and thereby obliging the other party to perform its obligations.

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