The waiver allows the buyer to waive the condition (again emphasizing that the waiver must be part of the original condition) and conclude the contract without reference to the performance of the condition. Note that the waiver must be signed by the party requesting the benefit of the waiver and must be received and generally acknowledged by the other party, as the exercise of the waiver serves to create a binding purchase and sale contract. As cases such as McKee v. Montemarano, failure to comply with termination and waiver requirements can have significant consequences. Agreements should be drafted in such a way as to avoid ambiguities and disputes arising from conflicting interpretations so that the intentions of the party for whose benefit a condition has been inserted are not thwarted. At the very least, one party does not want to spend the last day of a conditional period deciding how to properly notify the other party. In addition, no one wants to spend time and expenses after the last day of a conditional period related to a dispute over the status of the transaction because the parties do not agree on whether the conditions have been properly lifted. Why sign a waiver instead of giving notice of performance? CONCLUSION If a condition materially affects you, you should generally never allow a waiver. If it does not affect you materially, it is appropriate to allow a waiver.


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