Legal Concept Explained
Waiver Clause
“Letting a late payment or minor violation slide once doesn't give the other party the right to do it forever.”
Formal Legal Definition
A provision stating that a party's failure or delay in enforcing a strict contract right on one occasion does not surrender or forfeit their right to enforce that rule in the future.
How It Appears in Actual Contracts
'No failure or delay by either party in exercising any right or remedy under this Agreement shall operate as a waiver thereof, nor shall any single exercise preclude future enforcement.'
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