WAIVER
Other Names: No Waiver • Modification
Sample Clause Language:
No waiver of any provision hereof shall be effective unless made in writing and signed by the waiving party [or an authorized representative thereof]. The failure or delay of any party to require the performance of any term or obligation of this Agreement, or the waiver by any party of any breach of this Agreement, shall not prevent any subsequent enforcement of such term or obligation or be deemed a waiver of any subsequent breach.
Source: Reynolds Consumer Products Inc. (2019, October 25). Form DRS/A. Retrieved from SEC EDGAR website http://www.sec.gov/edgar.shtml
Description:
Waiver clauses provide how an agreement can be modified by a waiver. The sample clause here is mutual and drafted to be neutral. The clause provides that there is no waiver unless it is in writing, and any failure to exercise a right will not be considered a waiver. Any such waiver or failure will not apply to future breaches.
Common Contracts with this Clause:
- All Commercial Agreements
What you'll see with Lawgood:
Three (3) Alternative Positions
- Mutual
- Mutual (Long-Form)
- Unilateral
Draft better contracts with Lawgood.