Waiver
Candlefocus EditorWhen entering into a contract, a waiver is often used to absolve one or both parties of liability due to certain actions or conditions. Liability waivers are commonly used to limit the amount of responsibility one or both parties have should any issues arise during the course of the contract. This type of waiver is usually included in the agreements between two parties, but can also be used in commercial contracts between organizations. Some common types of liability waivers are product liabilities, copyright waivers, and liability waivers for medical treatments.
Waivers of parental rights are another common type of waiver used in contracts. These are often used in cases of adoption or when a parent or guardian can no longer ensure the child's safety. Such waivers must be signed by both the parent or guardian and the adopting party in order to be legally binding. Waivers of parental rights are also sometimes used to assign guardianship of a minor to someone other than the legal parents.
People may also opt to waive tangible goods in contracts. In this type of situation, the waiving party gives up their rights to the physical item and hands it over to the other party. This type of waiver is typically used when one party needs to forgo their rights to the item for it to be transferred to the other party. A common example is when a tenant waives their security deposit in order to move into a new apartment or house.
In some cases, a waiver may be used to prohibit a person from entering an area which they would otherwise be inadmissible to. For example, some countries may require that foreign visitors have to obtain a visa before they are allowed to enter. To make this process easier, the visitor may be allowed to sign a waiver in lieu of obtaining a visa. This type of waiver makes it easier for people to enter a specific area without having to go through the visa application process.
In conclusion, a waiver is a legally binding agreement which can be used to limit one or both parties of a contract from being held liable due to certain actions or conditions. Waivers can be verbal or written and can be used to waive parental rights, tangible goods, and inadmissibility to certain areas of the world. Waivers are often used to reduce the risk associated with entering into contracts and should be carefully considered before being signed.