Waive: Definition, Example and Related Terms
What is the meaning of the word Waive ?
For example, if a tenant has a right to receive a 30-day notice before their landlord enters the property, the tenant can choose to waive this right either explicitly in writing or implicitly by not objecting when the landlord enters without notice.
Waivers can be specific to one instance or can apply more broadly, depending on the language used and the context. It's important to note that the process of waiving a right can have significant legal consequences, impacting the ability to claim that right in the future.
Typically, waivers must be clear and unmistakable. Courts often require some form of consideration or at least a clear demonstration that the party knew of the right and intended to waive it. Failure to properly document a waiver can lead to disputes and potential legal challenges down the line.
Understanding the implications of waiving a right is crucial in contract negotiations and enforcement. It's always advisable to consult legal advice before agreeing to waive any significant rights to ensure that you fully understand the consequences and that the waiver is documented appropriately.
Example(s)
Scenario Description A tenant waives the right to a 30-day notice The tenant waived his right to notice by not objecting when the landlord entered the property without giving 30-days notice. An employer waives a non-compete clause An employer decides to waive the non-compete clause for a departing employee, allowing the employee to join a competitor immediately. A lender waives late payment fees A lender waives the late payment fees for a borrower as a goodwill gesture, despite being entitled to charge the fees under the loan agreement.