a voluntary relinquishment of a right to property owned, claim against another's property, or to any legally enforceable right. In banking, the term has numerous meanings, such as an agreement not to charge a credit card annual fee during the first year after a new card is issued, or an agreement to forgo overdraft charges on bad checks.
intentional and voluntary surrender of some known right, which generally may either result from an express agreement or be inferred from circumstances.
relinquishment of a legal right to act. For example, an insured relies on statements of an agent of an insurance company concerning coverages under an insurance policy. Agents by their actions may have waived certain provisions the insurance company has written in the insurance policy, with the company's authority. Another example would be the provision in the homeowners insurance policy that suspends coverage if a hazard is increased by the actions of an insured. An insured who stores explosives near the family home notifies the insurance company; the company grants permission to do so, thereby waiving its defense of the increase in hazard clause.
the voluntary renunciation, abandonment, or surrender of some claim, right, or privilege.
Example: A violation of a contract causes the need for a waiver from the other party who does not feel injured.
