To waive is to voluntarily relinquish or give up a right, claim, or privilege. It can apply to a variety of legal situations, such as knowingly giving up a legal right like a speedy trial or a jury trial, forgoing certain rights in a settlement talk, or not enforcing a term of a contract. Waiving a right can remove real or potential liability for another party in the contract. This can be done either in written form or through some form of action. For example, if you waive a fee, you decide not to charge it, even though you have the right to do so.
[Last updated in July of 2024 by the Wex Definitions Team]