Waiver Of Condition
Waiver of Condition
To: (“2nd Party”)
We refer to the Agreement, attached as Exhibit 1, which is the subject matter of this Waiver of Condition.
You are hereby notified that the 1st Party hereby waives the _________________ (“Condition”), provided that this Waiver of Condition does not constitute, nor shall it be construed of interpreted as constituting, a waiver of any other term or condition contained in the Original Agreement other than this Waived Condition.
Dated:
________________ _______________________
Witness Party Waiving ConditionWaiver of Condition
Review ListThis review list is provided to inform you about this document in question and assist you in its preparation. Both parties can benefit from a signed waiver of condition. The late party clearly benefits from being excused for non-performance. The excused party benefits by having its agreement to waiver in writing so the other party cannot, on this or other subjects, claim a verbal waiver. Although contracts may prohibit verbal waivers explicitly, if the parties “act” on oral agreements, then the issue becomes murky and the oral agreements, particularly if there are a few of them and they have substantial impact upon the arrangement, can be enforced and at the least cloud the issues.
1. Make multiple copies. Fax and/or email to the other party if possible. Keep a copy with the transaction file.
Frequently Asked Questions
What is a waiver of condition?
A waiver of condition is a document by which one party to an agreement notifies the other party that it is waiving a specific condition contained in the original agreement. The waiver is limited to the condition identified and does not waive any other terms or conditions. It is often used to excuse a party from non-performance of a particular condition.
When should I use a waiver of condition?
A waiver of condition should be used when one party wishes to excuse the other party from performing a specific condition in an agreement. It is beneficial when the party that failed to perform needs to be excused, and the waiving party wants to formalize the waiver in writing. This helps prevent future disputes over whether a verbal waiver occurred.
What are the benefits of a signed waiver of condition?
Both parties can benefit from a signed waiver of condition. The party that failed to perform benefits from being excused for non-performance, while the waiving party benefits from having the waiver in writing to prevent the other party from claiming a verbal waiver on this or other subjects. A written waiver provides clarity and reduces the risk of misunderstandings.
Does a waiver of condition waive other terms of the agreement?
No, a waiver of condition is limited to the specific condition identified in the waiver. The document typically states that it does not constitute a waiver of any other term or condition contained in the original agreement. Therefore, all other terms and conditions remain in full force and effect.
Can a waiver of condition be verbal?
Although contracts may prohibit verbal waivers explicitly, if the parties act on oral agreements, the issue becomes murky. Oral agreements, particularly if there are a few of them and they are substantiated by actions, can create uncertainty. A written waiver is recommended to avoid such ambiguity.
What should be included in a waiver of condition?
A waiver of condition should identify the agreement it refers to, the specific condition being waived, and the parties involved. It should also include a statement that the waiver does not waive any other terms or conditions. The document should be dated and signed by the waiving party, with a witness if required.
Who are the parties involved in a waiver of condition?
The parties involved are the 1st Party, who is waiving the condition, and the 2nd Party, who is being notified of the waiver. The 1st Party is the one granting the waiver, and the 2nd Party is the one who benefits from the waiver. The agreement being waived is attached as an exhibit.
Is a witness required for a waiver of condition?
The document includes a space for a witness to sign, indicating that a witness may be required or recommended. Having a witness can add an extra layer of verification and formality to the waiver. However, the specific requirement depends on the original agreement and applicable laws.
What happens if a condition is waived?
If a condition is waived, the party that was required to perform that condition is excused from doing so. The waiver does not affect any other terms or conditions of the agreement. The waiving party retains all other rights under the original agreement.
How does a waiver of condition affect the original agreement?
A waiver of condition modifies the original agreement only to the extent that it excuses the performance of the specified condition. All other terms and conditions of the original agreement remain unchanged and enforceable. The waiver should be kept with the original agreement as part of the contract records.
