What is a contractual waiver?

A contractual waiver is a document that releases one or more parties from the obligations outlined in a contract. It is a legally binding agreement between two or more parties that cancels, alters, or limits the rights and obligations of one or all parties involved. A contract waiver is commonly used when someone wants to opt out of a contract without a full cancellation. In the state of Virginia, a contract waiver must be in writing and signed by any party that will be bound by the terms of the contract. It must also include a specific date of signing, details of the parties involved, as well as the specific language that is waiving the contractual rights. For instance, if a tenant is waiving the right to be informed of a landlord’s decision to not renew their lease, they must specifically state this in the contract waiver. It is important to note that a contract waiver does not necessarily mean that the contract is terminated. It simply waives certain rights or obligations outlined in the contract. Therefore, it may still be necessary to abide by the remaining parts of the contract, and the parties involved should consult a lawyer to ensure that the contractual rights are waived properly.

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What is a contractual waiver?

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