Waiver is the intentional giving up of a known right.
In plain language, a party with a right chooses not to enforce it, or acts in a way that shows the right has been given up. Waiver can be express in writing or implied from conduct, depending on the context.
Why it matters
Waiver matters because contract rights can be lost or limited by words, conduct, delay, or repeated acceptance of noncompliance. A party may later find it harder to enforce a term if it has consistently treated the term as optional.
The term also appears in releases, settlement agreements, insurance disputes, and litigation procedure.
Where it appears
Waiver appears in contract clauses, missed-deadline disputes, payment disputes, settlement documents, insurance coverage letters, and court filings.
Practical example
A landlord repeatedly accepts rent several days late without objection. In a later dispute, the tenant may argue the landlord waived strict enforcement of that payment deadline, depending on the contract and law.
How it differs from nearby terms
Waiver differs from novation. Waiver gives up a right; novation substitutes a new party or obligation.
It also differs from rescission, which unwinds or cancels the contract rather than giving up a specific right.
Related terms
Quick knowledge check
Question: What does waiver usually involve?
Answer: Giving up or not enforcing a known right.