What is a contractual waiver?

A contractual waiver is a written document that a person or business signs to waive their right to make a claim, enforce a contract, or take legal action. It is commonly used in North Carolina contract law to avoid costly and time-consuming litigation. This waiver is usually a one-way agreement between two parties, where one party waives their rights or obligations in exchange for the other party’s agreement to do, or promise to do, something. In North Carolina, contractual waivers are usually backed by the state’s law, so that if one of the parties does not comply with its terms and conditions, then the other party can pursue the breach of contract. This means that the breaching party can be held liable for any resulting damages or losses. It is important to note that contractual waivers are not legally binding contracts, and they are often used in high-risk activities such as extreme sports and certain recreation activities. In certain cases, courts might find that the waiver is invalid because the signing party did not fully understand its implications. Therefore, it is often recommended that parties should first consult an experienced contract lawyer before signing a contractual waiver.

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