What is Waiver or Release from a Contract?

A waiver and a release serve to excuse one or both parties duty of performance. Each is discussed below.

What is a Waiver of Rights in a Contract? 

When a party intentionally relinquishes a right to enforce the contract. A waiver is generally employed after a party fails to perform.

• Example: Per our contract, I am supposed to paint your house, but I fail to do so in the allotted time. You grant a waiver excusing my liability for failure to perform.

What is a Release from Obligations in a Contract? 

When one party is relieved from her promise of performance. A release generally occurs before a contracting party has to perform.

• Example: We sign a contract where you agree to pay me to paint your house by the end of the month. Before my performance is due, I explain that I do not have time to paint your house. You sign a release that frees me of my duty to paint your house.

Waiver and release are often used synonymously to refer to a single document that simultaneously relieves a party from her duty to perform and excuses a non-performance or breach.