Waiver(Banking) Law and Legal Definition
Waiver is the voluntary action of a person or party removing a person's right or particular ability in an agreement. A waiver removes a real or potential liability of the party to the agreement. In banking, waiver is the agreement of a lender to overlook a borrower’s failure to meet one or more conditions attached to the granting of a credit. Absence of waiver gives the lender the right to declare the loan to be in default.
