Definition and Example. Imagine that you are walking along the sidewalk of a busy road with a group of friends. It's a hot, humid, and sunny day. Everyone is wearing shorts and loose clothing to battle the heat. You look to your left and see a man in a long fur coat and a tall pair of winter boots.
A waiver is the voluntary relinquishment or surrender of some known right or privilege. Regulatory agencies or governments may issue waivers to exempt companies from certain regulations. For example, a United States law restricted the size of banks, but when banks exceeded these sizes, they obtained waivers.
Partial Conditional Waiver. For a progress or installment payment. For Generals and Owners: Make sure subs/suppliers sign before getting paid so they cannot come back later with a lien. For Subs/Suppliers: Most projects require such a form and you typically will not be paid without one. Lien rights waived only if the check clears.