Waiver of Contractual Right
The term waiver is used in many legal contexts. A waiver is essentially a unilateral act of one person that results in the surrender of a legal right. The legal right may be constitutional, statutory, or contractual. Source: http://www.thefreedictionary.com/
Waiver of Contractual Right: Example Clauses
|1. Waiver of any provision herein shall not be deemed a waiver of any other provision herein, nor shall waiver of any breach of this Agreement be construed as a continuing waiver of other breaches of the same or other provisions of this Agreement.2. Neither failure nor delay on the part of any party to exercise any right, remedy, power or privilege hereunder nor course of dealing between the parties shall operate as a waiver thereof, or of the exercise of any other right, remedy, power or privilege.||Commentary: This term is about not waiving rights. It typically says that neither party should assume the other is waiving its right to complain – even if a party’s actions suggest it will not or should not complain. For example, a party we’ll call the “permissive” party may
The waiver clause states that permitting or ignoring breaches cannot be held against the permissive party. If the parties have a falling out, the permissive party has not given up or waived its legal right to seek damages for those or other failures, inadequacies or breaches.
Example 2 is less readable, but it says the same thing: just because one party lets the other get away with something does not mean it cannot complain about it, or any other later problem.