The waiver is, thus, a voluntary act, either express or implied, by a promisee to not to insist on the strict performance of a promise by a promisor. It compulsorily releases a promisor from his obligation to perform. A Waiver doesn’t result in an alteration to an existing contract but the rights are forgone by a promisee unilaterally. However, it is of utmost importance that the promisee making a Waiver has knowledge of his rights, and intentionally makes a Waiver. Further, once a Waiver is made, the promisee cannot resile from the same, and accordingly, cannot require enforcement of his right from promisor.
Even if a contract doesn’t expressly envisage provisions with respect to Waiver, any subsequent acts by a promisee, either express or implies, may conclude into a Waiver. However, where there is one, the parties to the contract shall be bound by the conditions envisaged under the same.
[1] Black’s Law Dictionary (9th edition)
[2] 1979 AIR 621, 1979 SCR (2) 641
[3] 1974 AIR 2089, 1975 SCR (2) 32
[4] AIR 1953 Cal 642
[5] 1979 AIR 621, 1979 SCR (2) 641
Authors: I Abhishek Bansal, Partner (abhishek.bansal@corpacumen.com) I Pavish Singhla, Senior Associate (pavish.singhla@corpacumen.com) I ACUMEN JURIS I
Practice Areas: I Corporate & Commercial I Acquisitions & Investments I Arbitration & Dispute Resolution I
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