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.
Families that exhaust their time limits may apply for an extension or hardship exemption, which may allow them to receive additional months of assistance. There are different rules regarding the verification, tracking, and familyâs request for additional time as it relates to the 24 month and 60 month time limits.