To “waive” is to forego something. It is an act of voluntarily giving up a right, and can apply to a variety of legal situations including knowingly giving up a legal right such as a speedy trial, a jury trial, giving up some rights in a settlement talk, or not enforcing a term of contract. To “waive” can remove a real or potential liability for another party in the contract. This can either be done in written form or some form of action.
[Last updated in March of 2022 by the Wex Definitions Team]