Publication, Staff | |

Waivers in Contracts and their Risks and Consequences to Parties

It is a common understanding that parties to a contract are bound by the provisions of that contract. However, there may come a time when one or more parties wish to waive a provision in the contract, or when one party breaches a contract, but the other party is prepared to overlook the breach. These situations raise many important questions: if you expressly waive an obligation does this waiver last indefinitely? If you do not explicitly waive an obligation, but take no action in response to the breach, has that obligation been waived?

This article gives readers an overview of the law on waivers, the difficulties surrounding waiver, and the ways parties often try to protect themselves from the uncertainty of waivers.

As published in the NRCA’s Northern Construction Connection January 2024 Newsletter, and VICA’s e-New.

Read Full Article

Up Next:

See all articles & Publications