Waiver

Definition

• A legal document waiving, or foregoing certain rights or responsibilities in order to prevent blame or liability.
• The deliberate and voluntary relinquishment or surrender of a claim, right, or privilege.

Synonyms
let go, relinquishment, give up, remission

Related Terms and Acronyms

• Abandonment — Definition,
  • A disclaimer of ownership by the trustee or debtor in property deemed burdensome or inconsequential. Once property has been "abandoned" it is no longer the property of the estate and creditors can seek to recover their money.
• Abandonment Clause — Definition,
  • A clause that allows the insured to abandon damaged or lost property without losing insurance benefits.
• As is Where is — Definition,
  • The buyer must examine the goods or property and buy at his or her own risk.
• Caveat — Definition,
  • A charge or instrument placed on land title.
  • To give warning, notice or caution; beware.
• Contract — Definition,
  • An agreement between two or more parties that can be enforced by law.
• Lien Waiver — Definition,
  • A document in legal form signed by persons or firms which have lien rights, waiving those rights.
• Waiver of Inventory — Definition,
  • An option for an insurance company to choose not to inventory undamaged assets after a claim.
• Waiver of Premium — Definition,
  • A clause that allows an insurer to waive a policyholder's premiums while still keeping the policy in effect.
• Waiver of Restoration Premium — Definition,
  • A provision that frees an insurance policyholder from needing to pay a fee in order to resume coverage after a claim.
• Waiver of Subrogation (WOS) — Acronym,
  • A provision that prevents an insurer from pursuing a third party for damages to insured property.