Voluntarily giving up a known right or claim. In contracts, a waiver clause often says that if one party doesn't enforce a particular term once, they can still enforce it later. Without this clause, not enforcing a right once might mean losing it.
Your landlord accepts rent 10 days late for 3 months without complaint. Without a waiver clause, you might argue 'they allowed late payment, so it's now acceptable.' The waiver clause prevents this — the landlord can still enforce the original due date.
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