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Waiver is a money term you need to understand. Here’s what it means.
What is a waiver?
A waiver is the voluntary relinquishment of a person’s legal right or claim in a legal situation. By signing a waiver, a person is removing a real or potential liability from another legal entity.
Waivers of liability: When people engage in activities that could result in an injury or death, they may be required to sign a waiver, releasing another party from holding them liable if they are injured or die.
Engaging in sports like sky diving, aerial rope slide use and bungie jumping are activities in which the person participating be asked to sign a waiver, removing the company associated with the activity from liability.
Waivers of tangible goods: When property is being legally transferred from one party to another, people may waive their rights to make a claim associated with the property. The legal transfer of a vehicle serves as a waiver for the seller. For example, by transferring the vehicle to another parent, the seller is no longer responsible for actions that occur in the vehicle and no longer has any rights to the vehicle.
Waiver of notice: By signing a waiver of notice, the legal party is waiving the right to formal notification of a legal proceeding. Waivers of notices are sometimes used in probate proceedings and during emergency meetings held by a board of directors. They often are used to enable legal proceedings to occur in a timely manner.
Amy’s daughter is going on a weeklong outing with her class to a camp. The children will be boating, swimming and hiking.
For the children to attend, the camp requires the children’s parents sign a waiver, releasing the camp from liability should the child be injured or dies. Amy signs the waiver, releasing the camp from responsibility if her daughter is injured or worse.
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