Having the right waiver and release can help you to quickly save money and find peace. If you fail to obtain a required waiver or release, you can suffer from liens, disputes and lawsuits.
Black’s Law Dictionary states that a waiver or release involves giving up or abandoning of a claim or right. Often, waivers and releases are included as part of settlement agreements. Since it is also possible to give up claims and rights by conversations or conduct, it is essential to ensure that you do not unintentionally lose your claims and rights. Waivers and releases can also be contained in other documents and good leases, construction contracts, and other agreements will include lien and claim waivers and releases. In addition to obtaining releases, it is important to obtain both lien and claim waivers, since simple lien waivers may not prevent the filing of claims.
Waivers and Releases Can Cut Costs
Waivers and releases can help you to quickly prevent liens and claims, and resolve disputes and lawsuits. They can also save you time and money by deterring defaults with tough language to inspire compliance, such as increasing payments and attorneys’ fees and costs for violations. Waivers and releases are effective at cutting costs and reducing risks because they are generally enforced when they are voluntarily and properly prepared and exchanged unless there is a defense to the making of the document, or they are prohibited by laws, such as laws relating to residential tenants and consumers. It is also important that documents be exchanged at the right time. For example, construction lien and claim waivers may not be enforceable if they are not exchanged when required by law. Similarly, certain rights and judgments may not be enforceable unless they are obtained to settle a pending claim, such as an eviction action. In order to fully benefit from these valuable documents, it is essential to consider all possible issues, including all potential parties (such as subsidiaries and affiliates, officers, directors, shareholders, partners, employees, agents, members, managers, successors, assigns, heirs and personal representatives) and all potential issues (including past, present, and future claims, demands, actions, causes of action, suits, debts, sums of money, promises and damages, regardless of whether asserted, unasserted, known or unknown).
Waivers and Releases Can Create Opportunities
Well drafted waivers and releases can also grant you additional new rights to help you reach your current and future goals. For example, they can be used to quickly obtain missing rights, such as rights to develop and improve properties. They can also be used to creatively and quickly resolve other issues that you may not be willing or able to cost-effectively resolve at a trial, such as other current problems, future potential problems and payments, confidentiality, jurisdiction, venue, and governing law.
Obtain the Waivers and Releases You Need
It is critical to consult counsel to ensure that you have the waivers and releases you need to succeed. Many issues must be addressed, including what waivers and releases you need, when you need them, and if and when they are enforceable.