What is a contractual waiver?

A contractual waiver is a legal agreement that allows parties to change or waive certain rights or obligations under a contract. In Nebraska, a contractual waiver can come in many forms depending on the type of contract and the specific needs of the parties involved. A typical contractual waiver may involve the parties waiving their right to sue each other, or certain obligations within the contract, such as a party’s obligation to pay for damages caused by a breach of contract. A waiver can also alter the terms of the agreement and indemnify the parties from each other’s actions or omissions. In addition, it can limit or expand a party’s liability and provide for alternative dispute resolution procedures. Most importantly, a contractual waiver must be signed and witnessed by both parties in order to be valid. This is to ensure that all parties are aware of the changes and fully understand the legal implications of the waiver. For example, if a party signs a waiver to limit their liability for damages caused by a breach of contract, they are essentially agreeing to take on less responsibility for any losses that might occur. The contractual waiver should be reviewed by each party with an attorney to understand the full impact of the waiver and if it is legally sound.

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