A waiver is a voluntary relinquishment or surrender of a right, claim, or privilege, often documented in legal or financial agreements. In the context of loans or contracts, a waiver allows a party to forgo certain rights or conditions without penalties. For example, a lender may issue a waiver to a borrower, allowing them to bypass a specific term or requirement stated in the loan agreement. Waivers are legally binding, ensuring both parties understand the implications of giving up specific rights. They can simplify processes and adjust obligations for more flexible agreements.