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Waiver of Condition

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.

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