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Bank Waiver means a waiver, forbearance, consent or other agreement among Pro-Fac, the Company and the required number of the Existing Banks under the Existing Financing that is acceptable in form and substance to Buyer that waives or forestalls the Existing Banks from exercising remedies with respect to, any default ...

When a lender voluntarily relieves a borrower of the obligation or liability to repay a loan, it is known as a loan waiver. The lender agrees to assume the burden of the loan, partially or fully, upon themselves.

Examples of waivers include the waiving of parental rights, waiving liability, tangible goods waivers, and waivers for grounds of inadmissibility. Waivers are common when finalizing lawsuits, as one party does not want the other pursuing them after a settlement is transferred.

What is the purpose of a waiver? A waiver is a legal agreement the primary purpose of which is to let you or another party modify or relinquish a right, privilege, or claim. The agreement can be a separate document on its own, such as if you sign a waiver form, or added to a contract as a waiver clause.

For example, if someone received goods but chose to reject the goods at the time of delivery or turn away the person delivering the goods, this could be considered a waiver of a contract. Another way to waive the contract would be to prepare a written notice of rejection of the goods.

Waiver clause samples. 16.Waiver.No waiver of any of the provisions of this Agreement shall be deemed, or will constitute, a waiver of any other provision, whether or not similar, nor will any waiver constitute a continuing waiver. No waiver shall be binding unless executed in writing by the party making the waiver.

: the act of intentionally relinquishing or abandoning a known right, claim, or privilege.

10 Things to Include in a Liability Waiver Business Information. Detailed Description of the Activity. Inherent Risks of the Activity. Acknowledgement and Voluntary Assumption of Risk. Choice of Law Provision Section. Release Clause. Indemnification Clause. Forum Selection or Venue Clause.