One thing that you can be certain of is that commercial lawyers, as do most other professions, have to learn, understand, and use jargon and terms specific to their field of expertise. Just as doctors, accountants, and veterinarians will use words unique to what they do daily, so will commercial lawyers.
This brings us to the three legal terms within commercial law that we are going to discuss in this article, namely waivers, disclaimers, and exclusion clauses which are all found in contracts or purchase agreements. To many people reading this, they may all seem to mean the same, but as your commercial lawyer will tell you, they most definitely are not.
They will go further and advise that if you confuse these terms, and if, as a result, your business or a business you are dealing with makes a mistake, creates an issue, or if a dispute arises, then it can lead to consequences, some of which are financial, and some may even be legal. For those reasons, we are going to briefly explain what each of the aforementioned terms means and how they differ.
Waivers
Waivers are used in all kinds of circumstances and most certainly within the commercial environment where contracts and agreements between two businesses occur or between a business and an individual. The effect of a waiver within a contract of any kind is that it releases one of the parties to that agreement from specific obligations and liabilities relating to what the agreement is about.