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The Waiver Letter or Waiver Agreement is a document that confirms that a party has surrendered or waived their rights. This document is used when a party decides to give up their rights or claim to relieve the other party from liability. For example, a party to a contract may surrender its right to claim damages under a legally binding contract.
This document can be used for various situations, however, it has provided some forms of waiver which include:
Note that once a party has consented to waive its right voluntarily, such a party can no longer claim that right.
How to use this document
This document can be used for a party that intends to waive or forgo their rights. After filling this form, the sender of this document must sign and send same to the recipient. If the sender of this document is a company, either 2 (two) directors or 1 (one) director and 1 (one) company secretary will sign the document on behalf of the company. Both parties should keep at least one copy each for record purposes.
The Companies and Allied Matters Act, 2020 applies to waiver of notice of meeting and preemptive rights of the members of a company. The general rules of contract also apply to this document.
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