What does "waiver" mean in legal terms?

In legal terms, "waiver" refers to the voluntary relinquishment of a known right. This means that an individual or party intentionally chooses to surrender or give up a legal right or claim, typically in a context where that right could have been exercised. Waivers are often associated with contractual agreements, where one party agrees to forgo certain claims or rights, thereby allowing another party to proceed without that obligation or liability.

The concept of waiver is crucial in various legal situations, such as in contracts, where parties might waive certain conditions or rights to benefit from the agreement. For instance, a person might waive their right to sue for specific damages in exchange for a settlement. The essence of waiver is not simply abandoning a right but doing so knowingly and willingly, which underscores the importance of informed consent in legal contexts.

Understanding this definition clarifies how waivers can play a significant role in legal agreements and procedures, highlighting a party's autonomy to decide which rights to enforce or relinquish.