Waiver of Condition is provided to inform you about this document in question and assist you in its preparation. Both parties can benefit from a signed waiver of condition. The late party clearly benefits from being excused for non-performance. The excused party benefits by having its agreement to waiver in writing so the other party cannot, on this or other subjects, claim a verbal waiver. Although contracts may prohibit verbal waivers explicitly, if the parties “act” on oral agreements, then the issue becomes murky and the oral agreements, particularly if there are a few of them and they have substantial impact upon the arrangement, can be enforced and at the least cloud the issues.
- Make multiple copies. Fax and/or email to the other party if possible. Keep a copy with the transaction file.
Waiver of Condition
To: (“2nd Party”)
We refer to the Agreement, attached as Exhibit 1, which is the subject matter of this Waiver of Condition.
You are hereby notified that the 1st Party hereby waives the _________________ (“Condition”), provided that this Waiver of Condition does not constitute, nor shall it be construed of interpreted as constituting, a waiver of any other term or condition contained in the Original Agreement other than this Waived Condition.
Witness Party Waiving Condition