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Designated Contract GAP Waiver Agreement GE Credit Union  Form

Designated Contract GAP Waiver Agreement GE Credit Union Form

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okay what are the what is a waiver or release from obligations under a contract well these are related concepts but they're slightly different but they're often used interchangeably so in legal documents you'll often see waiver and/or release as the title or topic because they are such closely related concepts but generally a waiver is when a party intentionally forgoes or relinquishes their right to enforce the contract so and this generally occurs after a party fails to perform the contract so we have an agreement you fail to live up to your obligations and our waive that failure okay now a release on the other hand is similar it's when one party does not have to perform the contract as promised so it generally arises before a party has begun to perform and I release the other party or that party is released from their obligation to perform under the contract so you can see how they're very closely related subjects but just slightly different one occurring generally after a failure

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